If you thought Wall Street had a bad year, take a closer look at how the cryptocurrency space has fared. Based on data from CoinMarketCap.com, the aggregate value of more than 22,100 digital currencies has tumbled from nearly $3 trillion in November 2021 to less than $795 billion as of early morning Dec. 29, 2022. That's about a 74% drawdown in less than 14 months.

But given the well-known volatility always present in the crypto space, not even a 74% decline in a short time frame is enough to sway the resolve of digital currency enthusiasts.

The big question is: What happens next for cryptocurrencies in 2023? What follows are four predictions for the new year.

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Source Fool.com