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Web3 market expected to grow at a CAGR of about 45% by 2030

  • Web3 market size will grow at a CAGR of nearly 45% between 2022 and 2030, according to research firm Straits Research.
  • Web3 is the new iteration of the internet and will benefit from further developments in blockchain technology, artificial intelligence and machine learning.
  • Growth opportunities are there in areas such as browsing, social media and data storage.

Despite the 2022 crypto winter’s impact, the Web3 market is forecast to grow at a CAGR of 44.8% over the next eight years. While North America remains the largest market for Web3, Asia Pacific is the fastest growing.

Web 3 market growth forecast 2022-2030

The Web3 market saw significant growth in 2021, with the blockchain industry overall in bullish territory as cryptocurrency prices skyrocketed.

According to Straits Research, the Web3 market size stood at $1.8 billion in 2021. However, with the 2022 bear market wreaking havoc on the entire industry, interest and activity slowed down considerably. The next few years will see the Web3 blockchain market grow at a compound annual growth rate (CAGR) of 44.8% 

Per the latest report on Web3 growth, the period 2022-2030 will see the next evolution phase of the third-generation of the internet.

Straits Research says the industry will get fresh impetus from developments across three key pillars: artificial intelligence (AI), machine learning (ML) and blockchain technology.

As CoinJournal previously highlighted, blockchain remains central to crypto growth, and as Straits Reseach notes, its a key pillar to Web3. In particular, adoption of decentralised protocols across Web3 businesses is going to be big as the technology comes out of the R&D phase over the next year or so.

Overall, the main growth opportunities are across sectors such as browsing, social media and data storage, according to Straits Research. Web3 has indeed already seen significant growth in NFT payments and digital collectibles and will continue to play a huge role in other sectors, including spatial web design and 3D graphics.

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Embattled AEX exchange provides new fund retrieval solution for customers

  • The fund retrieval solution will allow customers to retrieve funds trapped on the platform.
  • The solution will be executed by a third-party law firm together with a third-party management company.
  • Customers will have the liberty to choose between the existing solution and the new solution.

AEX crypto exchange has unveiled a new fund retrieval solution for customers. Customers will now be able to choose between the new solution and the previous “soft payment” strategy proposed in December 2022 in retrieving funds trapped on its platform.

After launching the new solution the exchange claimed that the essence of the new solution is to increase the customers’ choices to speed up the fund retrieval process.

AEX crypto exchange is suffering from the ripple effect of the collapsed Three Arrows Capital (3AC) in addition in addition to the complexities of being forced to relocate from China after the country clamped down on crypto activities.

What the new solution entails

The new solution will have three specific measures to simplify the fund retrieval process. The exchange believes that adopting these measures will better protect the rights and interests of its customers.

Some of the other measures that have been taken by AEX include transferring part of the project’s rights to the client at a lower discount through a third-party law firm with the help of a third-party management company.

Customers using the new solution will be required to fill in their real names and sign the equity purchase contract provided by the exchange. They shall also be required to fill in a “Qualified Investor Questionnaire” and then send a certain amount of Acala Dollar (AUSD) to a black hole address for destruction based on newly designed rules.

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GALA token soars 68% as Hollywood stars team up with Gala Games

  • GALA token rose more than 68% to hit highs of $0.04022884.
  • Gains for GALA, the utility token of Gala Games ecosystem, came after the platform announced partnerships with Hollywood stars Dwayne Johnson aka The Rock and Mark Wahlberg.
  • GALA will be the gas token users will need to collect digital tokens.

Gala (GALA), the blockchain gaming ecosystem, is seeing massive buying momentum amid broader interest in cryptocurrencies on Monday.

The GALA token, which is the utility token on the platform, has surged a staggering 68% in the past 24 hours. As of writing, GALA was trading around $0.04022884. GALA has seen $1,241,426,652 traded in the past 24 hours too, the massive gains pushing the cryptocurrency up market ranking – GALA currently has a market cap of $288 million.

As well as major gains against the US dollar, the GALA price is up 58.4% against Bitcoin (BTC) to 0.00000222 BTC and 54.3% against Ether (ETH) to 0.00002904 (as at 9:00 am ET on 9 January).

Gala gains amid major Hollywood announcement

Most cryptocurrencies, certainly all of those in top 10 by market cap are trading in the green at the time of writing. But two of the highest gainers are outside the top 50 – two great projects in Gala and Ziliqa.

While Ziliqa has gained over 50% amid new blockchain developments, GALA is seeing significant buying pressure after Gala Games announced its set to work with Hollywood stars Dwayne Johnson aka ‘The Rock’ and Mark Wahlberg.

Apart from revealing film projects with the Hollywood A-listers, Gala Games is also moving into mobile gaming. 

Notably, GALA is the gas token for both Gala Music and Gala Film. It means millions of fans looking to collect digital items will need gas – which in this case will be GALA.

The post GALA token soars 68% as Hollywood stars team up with Gala Games appeared first on CoinJournal.

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Ethereum Classic confirms a trend shakeup. Here is the next price target

  • Ethereum Classic rose by 5% on Monday to extend the gains made in the week

  • The network has witnessed a rise in transactions volumes

  • ETC’s price target lies at $26, but correction could occur

The price of Ethereum Classic (ETC/USD) is looking up again after a disastrous 2022. Trading at $21.14, the cryptocurrency has confirmed a trend reversal after a break below a descending trendline. This does not outrightly tell whether we are in a bullish market since ETC has occasionally been a volatile token. However, buyers would be delighted that the upside could continue meanwhile, as the latest price action shows.

The latest Coinjournal analysis showed that miner activity gained momentum on Ethereum Classic towards the start of 2023. The last week has also seen transactions on the network embark on an upside. That coincided with the price surge that continues to be witnessed. On Monday, the price rose by more than 5%, as most cryptocurrencies looked up. Bitcoin and Ethereum, the two leading digital assets, had added 1.93% and 4.58%, respectively.

Ethereum Classic price outlook as the price recovers

ETC/USD Chart by TradingView

From the daily chart outlook, Ethereum Classic has witnessed intensified buying at the $19 bottom. The buying is evidenced by the uptick in RSI from the oversold region to an almost overbought level. The cryptocurrency also recovered above the $1.5 resistance, which could become the reference support. A breakout at the descending trendline also reinforces a bullish bias.

ETC potential price action

We predict that Ethereum Classic will maintain the upside to the next potential resistance at $26. However, applying the Bollinger Bands to the daily chart, we see the cryptocurrency trades at the upper limit. Looking at the prior price action, Ethereum Classic has always trended lower each time it hit the upper limit of the Bollinger Bands. Thus, a correction could occur before the price proceeds to the target.

Another indication of a possible correction is the RSI. With a reading of 68, we are entering overbought levels for ETC. Investors should be cautious before buying ETC based on those technical indicators. Buying on a retracement is recommended.

Where to buy ETC

eToro

eToro is a global social investment brokerage company which offers over 75 cryptocurrencies to invest in. It offers crypto trading commission-free and users on the platform have the option to manually invest or socially invest. eToro even has a unique CopyTrader system which allows users to automatically copy the trades of popular investors.

Buy ETC with eToro today

OKX

OKX is a top cryptocurrency exchange which offers over 140 cryptocurrencies to invest in. OKX takes customer security very seriously, they store almost all of their clients‘ funds in cold storage, and the exchange is yet to be hacked. On top of this, the exchange offers very low fees and customers can even use their crypto as collateral for loans on the platform.

Buy ETC with OKX today

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