In 2023, the overall value of cryptocurrencies experienced a twofold increase which indicates that this particular asset group has surpassed its “winter” phase and is currently undergoing a transformation. What can we expect for the state of crypto markets in 2024? We explore detailed analyses from leading experts in the industry and provide insights on how to forecast cryptocurrency price fluctuations.
The practice of forecasting financial markets has been around for a long time, and it’s widely acknowledged that most market watchers are often inaccurate. After the tumultuous year 2023, predicting where the fast-paced and unstable crypto industry is heading proves to be an even tougher endeavor. Nevertheless, it’s still worth at tempting as analyzing market trends and significant players in this field can have its own benefits regardless of whether or not predictions turn out to be correct.
![](https://moviesitetv.com/wp-content/uploads/2024/07/image.png)
Prior to delving into the process of forecasting trends in cryptocurrency, it is pertinent to first explore a handful of plausible occurrences that could transpire in 2024. . It appears one prediction with relatively low risk involves approval of a bitcoin ETF, sparking considerable excitement within the sector and contributing significantly to gains seen during 2023.
Numerous factors contributed to the remarkable 160% surge in Bitcoin’s worth throughout 2023. These include anticipations surrounding the upcoming “halving” incident projected to occur in April of 2024, a positive outlook permeating both key United States financial markets and hopes regarding SEC approval.
The last two triggers have proven to be notably important. Nevertheless, the anticipation that these occurrences will happen in 2024 already caused Bitcoin’s value to increase by nearly 160%. This year, for the top digital currency based on market capitalization, is expected to follow a “buy the rumor, sell the news” pattern.
Is Ethereum poised for a surge? Prediction on crypto market.
While Ethereum saw an 80% growth, it took a backseat to Bitcoin and various other cryptocurrencies that experienced an upswing in popularity throughout 2023. In terms of being one of the top altcoins for investment purposes, it fell short compared to alternatives like Avalanche (250%) and Solana (over 900%).
Due to an anticipated major update expected this year, Ethereum has the potential for explosive growth in 2024. The upcoming release of EIP-4844 is projected to address two key concerns hindering Ethereum’s development by reducing transaction fees and boosting throughput capacity up to 100,000 transactions per second. This upgrade is set to be released later on during the year after its announcement.
Dog coin prediction
In 2023, there was a gain of 35% and 36%, respectively, in tokens for Dogecoin and Shiba Inu. While this year’s returns are better than those of the benchmark S&P500, they still fall far short compared to Bitcoin which reportedly saw an increase of over 160%.
The fundamental problem with Shiba Inu and Dogecoin is that they are solely utilized as a means of payment. Hypothetically, one could employ any of the plethora of digital currencies accessible to transact for products and services. Essentially, there isn’t anything distinctive about these two dog-themed cryptocurrencies in comparison to the myriad other initiatives out there.
Is another significant let down expected in the field of cryptocurrency?
According to predictions, cryptocurrency could see another major downfall in 2024. During the year of 2022, Terra Classic (LUNC -0.40%), previously known as “Terra,” and Terra Classic USD (USTC 3.79%) experienced significant crashes that resulted in being the top two biggest collapses within the cryptocurrency market at that time. Even though Terra Classic was initially successful by becoming a prime digital currency ranked fourth by market capitalization; it quickly fell apart shortly after its launch date causing widespread concern amongst investors and regulators alike for potential future incidents like this one on an even greater scale than before.
Soon after the noteworthy cryptocurrency market decline, we observed a fraudulent incident at FTX – a digital currency exchange platform. Sam Bankman-Fried, who was formerly in charge of FTX’s operations, has been convicted on seven charges related to fraud and conspiracy against him. This occurred within twelve months since FTX declared bankruptcy protection measures.
Could it be that U.S. banks will adopt tokenized payments in the near future?
In 2024, it’s expected that the world’s largest financial institutions will extensively incorporate tokenized payments using business blockchains. One of these entities is J.P. Morgan, whose CEO Jamie Dimon has expressed his disapproval for cryptocurrencies in America and claimed that he would prohibit them if he had the authority to do so.
In addition to traditional financial banks, payment processors have implemented various measures to facilitate or at minimum endorse tokenized payments. One such measure involves PayPal’s continuous expansion of its cryptocurrency offerings and services. Established in 2014, this renowned American brand has a substantial history within the industry.