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According to most pundits, 2024 looks like a great year for cryptocurrency. Analytics Insight predicts a resurgence, with the crypto market expected to surpass the US$3 trillion mark. Why? The main driver seems to be another bitcoin halving, but also Ethereum and altcoins seem to be big movers, alongside rising crypto adoption amongst mainstream institutions.
Gemini, the crypto exchange, cite a further five key trends:
- the potential approval of a spot bitcoin ETF in the US;
- the Bitcoin halving, as mentioned, which can both have huge implications on crypto market dynamics;
- the powerful intersection of AI and blockchain;
- the importance of improved security adaptations for Web3; and
- regulatory clarity in jurisdictions around the world, that can bring renewed confidence and user growth.
So what should you do about it? Watcher.guru says buy bitcoin, cardano and solana. It’s up to you whether you take that advice as, with all financial advice, the price of your investments may rise or fall so only invest what you can afford to lose.
Nevertheless, if you don’t trust the Watcher, try this advice from Kat Tretina and John Schmidt at Forbes who reckon Ethereum, Tether and a few other currencies are worth a punt.
All in all, what I find most interesting is that everyone has a cryptocurrency awareness. According to the UK regulator, the FCA, 78% of adults have now heard of cryptocurrencies, just behind Spain.
Having said that, the vast majority of Americans who say they have heard a little about cryptocurrency (88%), three-quarters say they are not confident that current ways to invest in, trade or use cryptocurrencies are reliable and safe, according to Pew Research.
I guess 2024 is a bit of a landmark for cryptocurrencies either way, as it is now fifteen years since Satoshi’s bitcoin PDF paper appeared online. Fifteen years. Fifteen tumultuous years. Fifteen years of exchanges and trading platforms exploding with excitement and imploding with doom.
FTX, Terra-LUNA, Celsius and more have rocked the market, and taken away an awful lot of consumer confidence in such investments.
No wonder people are nervous about putting money into crypto.
Equally, it’s a highly volatile market with bitcoin’s pricing rising and falling faster than a Disney rollercoaster so, the message to all of those out there who are wondering about cryptocurrencies in 2024: only invest what you can afford to lose.
On a final note, I was also surprised no one mentioned X offering payment services via cryptocurrency. Well, that might be another note.