Published On: Tue, Mar 12th, 2024

What To Look For in 2024 for Crypto

We are stepping into what could be a rebuilding year for cryptocurrency. After a very public downturn in 2022 with some industry meltdowns and general economic sluggishness, crypto may be in for positive changes in the new year.

“The crypto world is obviously evolving,” says Shane Rodgers, Co-Founder and CEO of PDX Advisors LLC, “[and] for the crypto market to sustain itself in the long run, there must be a framework that ensures its legitimacy,” he told Crypto News.

Looking forward into 2024, the changes wrought by the downfall of some big players in the crypto market — along with the emergence of new blockchain platforms — could transform the entire crypto ecosystem.

photo/ The World Spectrum

Closing out 2023

Even though it may have seemed that crypto was dead in the water, 2023 ended on a high note for crypto investors. Blue chip crypto tokens Bitcoin and Ethereum delivered their investors returns of over 155% and 90%, exceeding expectations following the downturn in 2022. Collectively, cryptocurrency ended 2023 at a market capitalization of $1.66 trillion, leaving crypto experts and investors encouraged going into the new year.

The crypto realm still stands as a dynamic example of innovation and transformation. Digital currencies have now solidified their position in the market, not just as speculative currencies, but as changemakers for financial evolution. Even with the headline-making flubs by big players such as FTX, the decentralized revolution is still in full swing.

The status of Bitcoin in 2024

“Investors must remember that volatility is the historical norm for the crypto industry, just like investing in general,” Rodgers shared in an article for Bitcoin Insider. There was always some risk inherent in the crypto market, but Rodgers doesn’t believe there is any need to worry coming into 2024.

Bitcoin and other cryptocurrencies retain some advantages that could make the next year quite lucrative for crypto investors. Bitcoin has a capped supply, which lends some scarcity to the cryptocurrency, similar to precious metals like gold, and Bitcoin transactions continue to be relatively secure and carry lower transaction costs than traditional financial transactions. Some even view Bitcoin as a hedge against inflation due to its limited supply.

Bitcoin emerged in 2009 as a groundbreaking technology and has since attracted savvy investors, rabid fans, and — of late — regulators, which some see as a positive, and this includes Rodgers. “Regulation seems to be the path forward to allow the crypto industry to continue its growth,” he told Bitcoin Insider.

Through regulation, a clear framework for moving forward in the crypto market will begin to emerge, revealing a more uniformly regulated market in the near future.

Predictions for 2024

As we begin a new year, financial experts are starting to talk about what they believe 2024 has in store for the market. “The crypto industry and investors have understandably been rattled by some of the price drops and controversies that the market has suffered,” Rodgers said in Bitcoin Insider. “That being said, these obstacles may have given way to opportunity.”

Advancements in regulation

Coming into 2024, it is becoming clear to many that the market may need more regulation. Well-regulated crypto markets could allow the market to grow, and some of the trust of investors lost amid the well-publicized crypto scandals could be earned back through better regulation. Some even call for 2024 to be the year of crypto regulations, following the SEC (Securities and Exchange Commission) and the CFTC (Commodity Futures Trading Commission) bringing over 200 enforcement actions against crypto industry participants in 2023.

SEC approval of BTC spot ETFs

“SEC approval of BTC spot ETFs allows Bitcoin and cryptocurrency assets, thereby allowing more people to invest in the market without having to buy cryptocurrency directly,” Rodgers explained to Bitcoin Insider. “It could have a profound impact on the ability of the public to participate.”
Indeed, the anticipation of the SEC approval has already caused the price of Bitcoin and other cryptocurrencies to jump.

An embrace of tokenized payments

Many banks, including powerhouses like JP Morgan, have already jumped on the tokenized payments train. There have also been moves by several well-known payment processors to allow tokenized payments. As more reputable institutions embrace the practice, it will go a long way in expanding the crypto market.

Bitcoin is headed for a “potential supercycle”

According to a recent Forbes piece, Bitcoin closed out the year 2023 at $42,665, which has led many to look at 2024 with increased optimism. A planned halving event will reduce the rate at which new bitcoin is generated, which traditionally ups its value. This, along with the predicted approval of BTC spot ETFs, has led some analysts to predict that Bitcoin could reach as high as $400,000.

While many analysts and experts likely wish they had a crystal ball to peer into the future of cryptocurrency, predictions made on the best available information and knowledge gained over the past few years of market ups and downs will have to suffice.

“Ultimately, the biggest obstacle the crypto sector faces in reaching its former heights is to rebuild consumers’ trust,” Rodgers told Bitcoin Insider.

To make this happen, a future of better regulation and transparency is key. One thing is for sure: as we leap into 2024, the crypto saga will continue, revealing the continued possibilities behind decentralized currency.

Author: Rohan Singh

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