How Do Things Look in 2024? Perspectives and Patterns Changing the Cryptocurrency Scene

A modest computer programmer with an enigmatic name, Satoshi Nakamoto, startled the world in January 2009 when he discovered how to mine Bitcoin, the first cryptocurrency. After multiple attempts to launch digital coins that would give the world an alternative to traditional currencies failed, this was a huge breakthrough.

In 2024, the industry has had tremendous growth, although some arguing it has not yet reached its full potential. According to a report available on CoinGecko, a well-known website for cryptocurrency data analysis, the entire cryptocurrency market is worth $1.62 trillion. The report’s 50% market share further demonstrated Bitcoin’s hegemony.

This research suggests that the greatest moment to invest in cryptocurrencies is most likely next year. In order to further stimulate the market, investors should take use of the latest, cutting-edge technologies and more lucid government rules.

Bitcoin: A Rise From The Darkness

Undoubtedly, 2022 proved to be a difficult year for Bitcoin, as the valuable digital currency dropped to a new low of $16,500 by the conclusion of the year, after establishing a trading range of $20,000. From its all-time trading high of $69,000 set in November 2021, it represented a 76% decrease.

Fortunately, Bitcoin prices increased gradually in 2023, rising by more than 50% by mid-June, when it was the most valuable cryptocurrency. Cryptocurrency industry experts have forecast another bull run for Bitcoin, with multiple voices predicting it will hit $100,000 in 2024. There’s no better time to invest in Bitcoin than now, as the price has increased by over 120% only this year.

Aside from Bitcoin, another digital asset that is predicted to do well in 2024 is Ethereum (ETH). After rising to $2,400 in 2023, this cryptocurrency has recently shown good growth. If this bullish trend continues, analysts anticipate a spike to $3,500 in 2024 and $5,000 by 2025.

Ethereum recovered from a disastrous 2022, much like Bitcoin, even though it did not reach the all-time high of $4,800 set in November 2021. For more than a year and a half, ETH has been trading inside the “bullish triangle” pattern, according to FieryTrading. The researcher further forecasted that by the end of 2025, this currency will hit $5,000.

Looming Approval of Bitcoin Exchange Traded Fund (ETF)

If you want to invest in Bitcoin in 2024, you have even more incentive. The US Securities and Exchange Commission is formally in discussions with asset managers in advance of the much awaited ruling about the regulator’s approval of a Bitcoin exchange-traded fund, according to a memo made public in November 2023.

The financial authority announced that Grayscale and it have already had a meeting to talk about the potential conversion of the Grayscale Bitcoin Trust into an exchange-traded fund (ETF). It should be mentioned that Grayscale was able to successfully challenge in court the SEC’s previous ruling to forbid this activity. The likelihood that we will soon see a Bitcoin ETF increases with the announcement made by the US Securities and Exchange Commission that it will not be contesting Grayscale’s loss.

We believe that other cryptocurrencies will follow as a result of the SEC’s approval of the Bitcoin ETF. However, we must keep in mind that after delaying judgements on Bitcoin funds for a while, the US financial regulator may decide to approve or reject all applications. The good news is that Gary Gensler, the chair of the SEC and a vocal opponent of cryptocurrency funds, has declared in public that he would take proposals for a potential Bitcoin ETF under consideration.

Widespread Use of Cryptocurrencies by 2024

It is anticipated that the rapidly increasing use of cryptocurrency payments will continue in 2024, despite the fact that nothing is definite. First off, a number of industries are already seeing the blockchain revolution come to pass. Furthermore, it is likely that blockchain technology will find greater use in industries including banking, gaming, and healthcare by 2024. Blockchain has shown to be a more transparent and reliable platform for managing personal health and financial information.

The enhanced user experience is another element that will cause cryptocurrency adoption to take off. By streamlining all procedures, contemporary cryptocurrency platforms have grown increasingly intuitive and user-friendly, making them ideal for people with no prior tech knowledge.

For example, depositing money with bank transfers and credit cards is a conventional method of playing casino games like Pragmatic Play’s Sweet Bonanza. However, even if these banking options are safe and secure, some players might find it too laborious and dangerous to share their banking details online. Crypto payments, on the other hand, are speedy and private. All you have to do is either paste the transaction link or scan the QR code.

Last but not least, public acceptance of cryptocurrencies is growing together with the regulatory framework surrounding them. In order to facilitate faster transactions, several nations, including Dominica, Antigua and Barbuda, Montserrat, and Grenada, have adopted national digital currencies, or cryptocurrencies.

Below is how improved regulatory clarity in 2024 will affect cryptocurrency adoption:

• Proper regulation will establish legitimacy and boost public and investor confidence.
• Regulation will help reduce the legal uncertainty often surrounding the crypto market.
• Clear regulation will encourage innovation, leading to the birth of more digital assets.
• This will reduce criminal activities often associated with the crypto industry, where investors can lose a fortune.

Leaving Behind a Horrible Time

The cryptocurrency market is recovering from a horrible time when the value of popular coins plummeted and the government clamped down mercilessly. The massive cryptocurrency exchange FXT quickly collapsed in 2022, causing a devastating chain reaction that will take time to reverse. Investors withdrew from FXT in large numbers following Sam Bankman-charged Fried’s arrest, causing the exchange company to go bankrupt.

A few months later, US authorities detained and accused Changpeng Zhao, the CEO of Binance, of numerous offences, including violating the Commodities Exchange Act. In November 2023, he entered a guilty plea and consented to pay a $4.3 billion punishment — the highest payment ever imposed on a US corporate entity. In addition, CZ resigned from his position as Binance CEO.

Prior to China declaring in September 2021 that all cryptocurrency transactions were prohibited, there were these arrests. According to the administration, this action will support preserving both national security and social stability. Following this notification, the processing of cryptocurrency payments was prohibited for all Chinese dealers and international websites.

But now that these events have passed, the stock and cryptocurrency markets are rife with unchecked confidence. 2024 will probably see a bigger recovery in the cryptocurrency business because to the global regulatory frameworks that are still evolving.