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Crypto market overview: How does the rest of 2024 look?

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PR Manager

The crypto market resurgence in early 2024 has set high expectations for the year. Analysts are monitoring prevailing trends for both price trends and emerging innovations across the landscape.

The industry’s market capitalization is around the $2.6 trillion mark, which is near the all-time high of over $3 trillion achieved in November 2021. The altcoin landscape constantly shifts, with new trendsetters emerging to expand blockchain usage to new horizons. 

There is a high ceiling for altcoins that provide real-world utility. Platforms such as Libra Incentix (LIX) are emerging tokens that take this route. Libra Incentix provides a blockchain loyalty management system that allows brands to create customized loyalty programs for their customers. Such platforms that offer value to businesses can have a vital role in the next blockchain era. 

Let’s explore the trends likely to define the crypto landscape in 2024.

Fifteen years into the crypto era, Bitcoin is still the dominant cryptocurrency of our time. The recent market rally has been largely due to Bitcoin’s historic run to top the $70k mark for the first time. News of Bitcoin Spot ETF approvals by the Securities and Exchange Commission (SEC) was music to the ears of investors who continue to scoop up the pioneer crypto. 

In April, a very significant event will happen on the Bitcoin blockchain. Its block rewards are set to halve (halving event) from the current 6.25 BTC per block to 3.125. Halving reduces the Bitcoin supply further, which can be a boost for asset scarcity. 

Historically, markets have responded well to halving events. The current strong sentiment around Bitcoin should continue through the month as traders unpack the impact of the Bitcoin halving.

Growing importance of real-world asset tokenization

Tokenization, in this case, is a general term for the representation of real-world assets on the blockchain. The usage is diverse ranging from real-estate ownership, art, collectibles, and any other valuable item that can be represented using blockchain tokens. NFTs exploded to the limelight in 2021 but the industry suffered a natural correction to address the rampant speculation that had taken over.

Now, more emphasis is on actual assets being the basis of tokenization. This trend makes the tracking of ownership easier and more efficient. As more mainstream investors dive into crypto, tokenized asset platforms are set to be some of the biggest beneficiaries.

Collaboration with brands and mainstream institutions

Another trend that should increase is the partnership of blockchain platforms with global brands. Wall Street titans like Blackrock are making forays into the crypto sector with blockchain platforms like Libra Incentix (LIX) returning the courtesy. 

LIX has recently partnered with ComAve Ecosystem and Paraguayan football team Club Olimpia to enhance the fan experience through innovative fan loyalty rewards programs. The collaboration allows loyal fans to benefit from an array of rewards earned as crypto tokens. These tokens are usable and have real value.

Moreover, through this deal, LIX is providing innovative loyalty solutions to fans of Club Olimpia, AC Milan, AFC Ajax, Crystal Palace, and others in the coming days. 

Such a partnership is a win-win for both sectors. The club gets an enhanced loyalty rewards management system while LIX benefits from the utility, which as should be noted, also extends to include major brands such as Amazon, Apple, and Starbucks. 

These collaborations and bridge-building efforts will continue to define this sector as more mainstream partnerships become possible. 

Conclusion: A dynamic sector ready for a historic year

The crypto sector could have another memorable year if current trends hold. Amid the overall market improvement, the above trends can make the year even more significant. Regulatory developments will also be a critical aspect of how the industry shapes the financial sector in the long term. 

The blockchain is no longer a fringe innovation reserved for internet nerds.  This sector continues to add benefits to diverse sectors and its stakeholders will continue to build on them.

PR Manager

Press release about recent ICOs, announcement from startups, new cryptocurrency launch by firms and unlike.

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