As a seasoned researcher with a background in finance and technology, I have witnessed the explosive growth of cryptocurrencies over the past decade. The unpredictability of this space is both exhilarating and challenging. In the first half of 2024, we’ve seen Bitcoin (BTC) and other major cryptos continue their upward trend, fueled by increasing institutional adoption and a surge in interest from individual investors.
In the unpredictable realm of cryptocurrencies, the one consistent factor is the thrill – be it positive or negative. The extraordinary growth of crypto over the last ten years has piqued global interest in the possibilities of decentralized finance (DeFi) and other innovative technologies.
In the initial phase of 2024, Bitcoin (BTC) has persisted in its impressive surge, driven by a combination of favorable and unfavorable occurrences in the realms of politics, policy, and other influencing factors, such as the Halving event. Likewise, Ethereum and other digital coins have displayed a promising trend during this ongoing bull market.
The first half of 2024 has passed, but it’s important to note that the unpredictable crypto market journey is far from completing. The second half of the year holds immense potential and possibilities that are yet to unfold. Predicting the course of crypto markets during this period is proving to be a challenge for even the most seasoned market experts due to the volatile nature of the winds in this sector.
In this piece, we’ve gathered insights from industry experts about the potential future value of several cryptocurrencies through mid-2024.
Major Factors that can decide the fate of crypto in 2024
1. Exchange Traded Funds (ETFs)
As a crypto investor, I’ve noticed an uptick in the creation and growth of exchange-traded funds (ETFs) with a value exceeding $14 billion, despite not yet fully tapping into available markets, according to Farside Investors. In the initial stages of 2024, this trend is expected to continue, positively influencing various cryptocurrencies.
As a researcher studying the investment landscape, I’ve observed that pension funds, endowments, and hedge funds have traditionally shied away from cryptocurrencies. However, this trend is set to change in the near future with the increasing acceptance of cryptos through Exchange-Traded Funds (ETFs). In fact, even the casino industry is jumping on the bandwagon, embracing Ethereum (ETH) and other popular cryptos. According to Techreports experts like Geoff Kukard, some of the top ETH casinos offer user-friendly interfaces, generous welcome bonuses, and crypto compatibility.
With increasing interest in exchange-traded funds (ETFs) for developing and established industries, cryptocurrencies are rapidly gaining ground as alternatives. These digital currencies can be customized to fit various niches and uses, leading to a growing number of competitors. Consequently, Bitcoin may struggle to maintain its market leadership amidst this expanding landscape of cryptocurrencies.
2. Halving 2024
In April 2024, the Bitcoin community experienced a major historical milestone: the late-occurring halving. This significant event, which drew widespread attention and made headlines, had its repercussions felt not only in the immediate aftermath but also in the months and years to come.
Theoretically, decreasing the production of new Bitcoons through halving could benefit the cryptocurrency market. With fewer Bitcoins in circulation, each coin becomes more scarce and challenging to obtain, potentially increasing their value. However, this outcome relies on a consistent increase in demand for Bitcoin, which may not always materialize.
Previously brought up is the possibility that emerging sectors might consider integrating Bitcoin. Such a move could potentially trigger increased demand for this digital currency. Crypto gambling platforms serve as an illustration, allowing the acceptance of various coins. The impact of Bitcoin’s halving events also highlights this ripple effect.
The process of creating new Bitcoins through mining is growing more complex and costly, discouraging new entrants to the market. Consequently, obtaining Bitcoins now takes longer, and the crypto market is yet to reach a stable state amid ongoing speculations. Bitcoin’s prices have always been volatile, but the recent halving has fueled optimism, potentially leading investors to explore more stable alternatives like Ethereum and Solana. If this trend continues, it could significantly impact Bitcoin’s dominance and potentially cause its price to drop by more than half.
3. Politics in crypto (U.S. Presidential Elections)
Regardless of personal feelings, the physical world exerts influence over cryptocurrencies as much as cryptos shape the realms of finance and commerce. Politicians grapple with understanding this burgeoning technology, which often evolves more rapidly than legislation can keep pace. Governments hold significant power in shaping the crypto landscape: they can either embrace it through regulation or promotion, or restrict it via tighter laws. Consequently, political decisions significantly impact crypto prices and fuel market speculation.
The forthcoming US election is expected to significantly influence cryptocurrency prices. Previously skeptical of digital assets, Donald Trump has recently shown a more favorable stance towards crypto. Conversely, the Biden administration leans towards a stricter regulatory approach.
There’s great anticipation that the United States will establish clear-cut cryptocurrency regulations by the end of 2024. With a thriving crypto market valued over $4.5 billion in 2023, any legislative action taken by the US Congress could significantly reshape the crypto landscape as we currently understand it.
4. New contenders (SingularityNET, Solana and THORChain)
Multiple new cryptocurrencies emerge continuously, though not all of them prove resilient. It’s unwise to assume any fresh cryptocurrency will underperform since each one harbors the possibility of thriving. Among the recent notable names, SingularityNET, Solana, and THORChain are poised to leave a mark on the crypto landscape before 2024 concludes. SingularityNET has carved out a niche for itself in the AI sector since 2023. Its distinguishing trait is that investors and users can develop tokens for AI services within this platform.
SingularityNET
With significant investments of $1 billion in AI technology taking place across various industries, SingularityNET experiences a remarkable price surge. The value of this platform has grown over 1000% compared to last year. SingularityNET operates by utilizing its AGIX utility token for exchange on the market and as a means to provide AI services.
As a dedicated researcher following the latest trends in technology and cryptocurrency, I can’t help but be intrigued by SingularityNET. With a team composed of top-notch tech researchers, software developers, and AI scientists, this crypto project holds immense promise. The rapid advancements in artificial intelligence show no signs of abating, making SingularityNET an essential investment for those eager to stay at the forefront of this revolutionary technology.
Solana
Solana has achieved noteworthy growth, with its price soaring by more than 40% during the first half of 2024 alone. This impressive surge represents an over 800% increase when compared to its value in 2023. The question is, why has Solana experienced such significant gains, and what can we expect moving forward?
Developers love Solana because it easily scales and can process large numbers of transactions. That alone is not enough to justify Solanas surge in popularity, and the other side of the tale is that Solana devs soon plan to launch Solana ETFs. Solana ETFs will create a foundation for bigger institutional changes and could enable easier implementation of Solana in the future, but it all depends on various regulatory means.
THORChain
To put it simply, THORChain is making waves in the automated market maker sector by enabling users to merge their cryptocurrency wallets with its platform and trade a vast selection of over 1,000 digital currencies. The demise of FTX in 2022 served as a stark reminder of the risks associated with centralized crypto exchanges. In response, THORChain stepped up to meet the demand, filling a vacant market niche.
During the month of November 2023, an impressive transaction volume of over $1 billion per week flowed through THORChain, resulting in substantial profits for the platform.
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2024-07-18 16:37