Over the past year, many key figures in the cryptocurrency industry have let it be known that they are bullish on cryptocurrencies like Bitcoin reaching new price levels.
As the year progressed, the market saw Bitcoin and other top altcoins record a massive price drop. Many particularly bearish events forced investors out of the cryptocurrency market as losses soared.
However, the new year is looking more promising than the previous year and market participants are expecting certain events to set in motion this year. Most of these events, if they occur, have the potential to trigger an ultra-bullish replay.
One such event, which the crypto market has been eagerly awaiting, is the possible addition of Dogecoin to Twitter as a payment option for users of the platform.
Although Elon Musk is stepping down as CEO of Twitter, he maintains that he will remain in charge until he finds a suitable candidate to replace him.
In the meantime, the odds of Dogecoin, the meme coin that Musk previously bought in the past, and which also recently said he was “going to the moon”, making its way to Twitter, are very high.
If Musk stays on as CEO of Twitter this year and digital currencies are introduced to the platform, Dogecoin could be one of the few assets to debut on the platform. This will not only increase its adoption across the globe, but also spark interest in crypto from traditional investors around the world.
Another event set to kick things off for crypto in 2023 is the deployment of EIP-4844 for Ethereum.
EIP-4844, also known as proto-danksharding, is Ethereum’s attempt to reduce its exorbitant gas fees while maintaining Ethereum’s decentralization.
When asked by another crypto proponent what he was bullish on for 2023, Buterin said he was “reaching the ‘basic scaling accumulation’ milestone in the spreadsheet chart. road. This means: EIP-4844 deployed, rollups partially lifting off the drive wheels, at least to “stage 1”.
As many key players have explained, Ethereum could see massive adoption from investors and developers if it succeeds in solving its scaling problem.
If EIP-4884 debuts this year, Ethereum (ETH) could also benefit as prices will skyrocket with more adoption.
Another noteworthy event that the market is waiting for is the verdict of the current SEC lawsuit against Ripple. The SEC has received a lot of criticism for bringing together multiple cryptocurrencies and cryptocurrency companies.
As such, industry figures argue that a win for Ripple is a win for the entire cryptocurrency community. Ripple has continued to sign numerous partnerships since filing the lawsuit in December 2022. And as the market speculated, XRP could hit rooftop levels following the win.
Judge Torres, U.S. District Court Judge Analisa Torres, is scheduled to enter summary judgment no later than March 31, 2023