Bitcoin and Crypto Market In 2024 – An Expert Guide

The cryptocurrency landscape has become the center of attraction in the world for offering a new approach to financial transactions. As 2024 has arrived and problems due to the crypto winter dominated 2023, it is important to think of the predictions for the crypto market in 2024. Most of the predictions about Bitcoin and crypto market for 2024 have painted a favorable impression for users and businesses. For example, market experts have predicted that the Bitcoin halving event would lead to a crypto bull run in 2024. Apart from the bullish boost for prices of crypto assets other than Bitcoin, the crypto market is likely to grow with the forces of industry innovation and developments in market structure. On top of it, better access to data-driven insights for making investment decisions and increasing institutional adoption indicate promising trends for the year 2024. Let us explore more details about the predictions for the crypto market in 2024. Excited to know the use cases of crypto in NFTs, DeFi, and the metaverse, Enroll now in the Cryptocurrency Fundamentals Course Existing State of Cryptocurrency Market The foremost aspect of understanding the existing state of the crypto market is market capitalization. You can notice how the Bitcoin market cap dominates the market, with more than 52% of transactions in the crypto market involving Bitcoin. The global cryptocurrency market reached a market capitalization of $1.43 trillion in November 2023. Market research has revealed that the crypto market experienced steady growth since October 2023 with major breakthroughs. For example, the anticipation regarding approval for crypto ETFs has offered hope for recovery from the crypto winter. The anticipation regarding approval of crypto ETFs from the United States Security and Exchange Commission or SEC has boosted institutional adoption. How is the crypto market growth related to crypto ETFs? Different global investment firms have applied for crypto ETFs, especially the ones based on Ether and Bitcoin. On top of it, several crypto projects have gained recognition for following new and innovative approaches to the market. Furthermore, introduction of user-centric elements has also helped in enhancing adoption rates. Increasing accessibility of cryptocurrencies for people without technical knowledge and NFT utility in the real world are also prominent highlights that dominated the crypto market in 2023. Learn the fundamentals, working principle and the future prospects of cryptocurrencies from Introduction To Cryptocurrency E-Book Regulatory Developments in the Crypto Market for 2024 The emphasis on regulations in the cryptocurrency landscape has been gaining momentum and evolving continuously. Most of the searches for ‘crypto market in 2024 predictions’ focus on asset prices. However, regulations serve as a major driver of change in the crypto market, and regulatory developments in 2024 will shape the industry. The review of the state of crypto market in 2023 indicates that regulatory uncertainties did not affect the growth of big players such as Bitcoin and Ethereum. On the other hand, crypt enthusiasts have been monitoring the decisions of the Federal Reserve that could reduce the burden on crypto and high-risk assets. The US SEC is one of the focal points in the regulatory landscape for the crypto market. It has been actively involved in regulation of the crypto market and could play a vital role in opening the doors for mainstream adoption. In addition, the decision about approval for crypto ETFs has been influenced by the pressure from the US Congress. The discussions about Bitcoin market 2024 prediction draw references to the efforts of SEC and US regulators for classification of crypto assets. On top of it, macroeconomic factors have also been under the influence of macroeconomic factors. In 2024, the actions of the Federal Reserve related to interest rate policies could have a major impact on the crypto market. The US Federal Reserve has increased the interest rate target on the fed funds particularly focused on fighting inflation. Continuously increasing interest rates could slow down economic growth, which might discourage investments in volatile assets, such as cryptocurrency assets. Therefore, navigation through the crypto market in 2024 would require a review of regulatory developments as well as macroeconomic factors. Build your identity as a certified blockchain expert with 101 Blockchains’ Blockchain Certifications designed to provide enhanced career prospects. What is the Forecast for Bitcoin in 2024? Bitcoin has always been a major force in the crypto market, being the first cryptocurrency that gained the world’s attention. As a matter of fact, questions like ‘Is crypto market going up?’ draw attention to the performance of blockchain technology. What has invited the attention of crypto experts towards Bitcoin now? The answer would point towards the Bitcoin halving. Interestingly, all the previous Bitcoin halving events have served as catalysts for a bull run in the crypto market. The next Bitcoin halving event is predicted to happen in April 2024 and would lead to a reduction of mining rewards by half. Bitcoin halving is generally followed by an increase in prices of crypto assets, such as Ethereum and other cryptocurrencies. The previous bull market cycles for Bitcoin have been characterized by average annual gains ranging up to 213% in the second year. By the end of 2024, the Bitcoin market cap could achieve another high, supported by the long-term bullish sentiment for Bitcoin prices. Most important of all, the Bitcoin halving event would have a significant impact on the supply and market dynamics of cryptocurrencies. With the reduced rewards for mining new blocks, the scarcity of Bitcoin would increase, leading to price appreciation. Another crucial highlight in the predictions for Bitcoin and crypto market for 2024 points at spot Bitcoin ETFs. Blackrock, or BLK originally filed an application for spot Bitcoin ETF with the SEC in June 2023. How can spot Bitcoin ETFs influence the crypto market in 2024? Retail investors could find more exposure to cryptocurrencies by leveraging ETFs, which offer the same features as cryptocurrencies. In simple words, ETF allows retail investors to obtain access to Bitcoin without actually holding the investment in a crypto wallet. Market research by analysts has revealed the impending SEC approval for crypto ETFs could lead to a flow of massive volume of money into Bitcoin spot ETFs. The optimism has also helped in boosting the price of Bitcoin. Bloomberg has reported that the spot Bitcoin ETF market could grow to almost $100 billion. Some reports have also pointed out that Bitcoin ETF products could achieve exponential growth in three years. Enroll now in the Bitcoin Technology Course to learn about Bitcoin mining and the information contained in transactions and blocks. Improvement in Market Structure of the Crypto Market The details about crypto market in 2024 predictions also focus the limelight on changes in the market structure. Crypto advisors would have to find alternative approaches for allocating digital assets from analysis to implementation. Institutional readiness for crypto adoption gained momentum in 2023. The crypto market could provide more exposure with the improvements in qualified custody alongside interactions between crypto exchanges and custodians. The other factors among changes in the structure of the crypto market point to the attention of tax statements, usability, and reporting. Crypto custodians in the US are gradually refining compliant RIA platforms to meet the requirements of advisors. Predictions for the crypto market in 2024 also invite attention towards market innovation as asset managers compete with each other for exposure to crypto markets. Product adoption cycle in the crypto market would shift towards sophisticated, active exposure from passive exposure. Which Factors Would Promote the Bullish Environment in Crypto Markets? The liquidity of a crypto market is likely to grow due to increasing flow of investment from institutional investors. The Bitcoin market 2024 prediction primarily focuses on the Bitcoin halving event. However, investments would flow into the crypto space from investment firms through direct investments. The next important factor that would promote the new Bull Run is the list of projects that can attract the attention of mainstream markets. Different commercial brands and service providers have been planning on entering the crypto space. These businesses are likely to perceive 2024 as the best time to make an impact. The growing demand for migration to web3 technology among web2-native projects will gain momentum in 2024. Why? The benefits of decentralized operations offer advantages of cost savings and better productivity. The predictions for crypto market growth in 2024 also focus on the possibilities for rising adoption of NFT with real-world utilities. For example, NFTs could revolutionize the art industry, gaming industry, and other sectors by offering unique digital assets with value and ownership rights. The potential for DeFi is also a prominent highlight in the predictions for the crypto market in 2024. DeFi platforms have been growing rapidly, and experts anticipate that this trend will continue in the coming years. So, the crypto market in 2024 is likely to witness significant advancements and growth in various sectors, including NFTs, DeFi, and the metaverse. Enroll now in the Cryptocurrency Fundamentals Course to learn more about the use cases of crypto in these exciting areas.



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