With the year 2024, there are many things to look forward to in the crypto industry. After all, the previous year, or at least the second half of the year brought a significant bull run, with several cryptocurrencies either regaining lost ground or outperforming their peak values. There are many questions regarding the upcoming years for the market, with many still wondering if the industry will re-capture the previously achieved heights
The year has also is likely to reinforce and maintain some major developments throughout the crypto and blockchain sectors, including the rise of GameFi and a global interest in crypto regulations. In this article, we will be looking at some of the biggest crypto trends, some of which were established in the year 2023, and of course maintained currently, in 2024. On top of this, we will be making a few predictions about what could dominate the industry over the coming months.
Crypto gaming is a sector that has been bubbling away at the sidelines for some time, but in as of now it really has come into its own. Over the past few years, the profile of the blockchain and cryptocurrency gaming market has been steadily rising, in no small part thanks to innovations like P2E and the proliferation of crypto casino platforms, however, the emergence this year of Web3 innovations has boosted its profile significantly.
Not only has the integration of Web3 and metaverse principles brought about a new generation of gaming experiences, which feature decentralized and transparent gameplay as standard, but it also helped to create new virtual ecosystems that empower players and developers alike. This is best proved in projects like Decentraland and Metacade, both of which were built on the Ethereum network.
Decentraland provides an open-world metaverse in which users can buy, sell, or trade virtual real estate (in the form of NFTs), while Metacade is a blockchain-powered community gaming platform with the aim of “unifying” gamers, developers, and investors. Both platforms highlight the potential of crypto and blockchain-focused metaverses to disrupt traditional gaming monetization models.
Naturally, with decentralized sectors becoming higher profile and more crypto investment opportunities being made available by the week, governments the world over are investigating and passing crypto regulatory frameworks. According to a report released by PricewaterhouseCoopers, over 40 different countries have either passed or discussed crypto-focused regulations and legislation by 2024. Plenty of analysts are seeing this increased focus on legislation to be a clear signal that widespread cryptocurrency adoption is underway.
The report finds four key areas of focus: crypto framework development, licensing and listing guidance, stablecoin regulation, and travel rule compliance. According to PwC’s research, 23 countries have begun initiatives across all four areas, including Japan, the Bahamas, the UK, and several EU member states.
Unsurprisingly, the industry’s grand old dame, Bitcoin, is standing very strong, even after all the years. At the time of writing, it is only 7000 US Dollars away from its all-time peak, which is highly promising considering how experts expect more as we go deeper into 2024. It is not just the incumbent cryptocurrency finishing up the year strong, as several projects have added look promising.
Obviously, always important to mention the state of Ethereum when discussing crypto and by the latest data it stands at around 3100 US Dollars, not quite matching the all-time peak of 4700 US Dollars. What is fascinating though is the fact that some sources like the DigitalCoinPrice predict a peak of over 6500 US Dollars for Ethereum in 2024, which would dwarf the current peak by a significant margin.
On top of this positive prediction, there are several other coins capturing the eye of some, showing promise in the market. These coins include Ripple (XRP), with a single coin price of 0.5 US Dollars, Dogecoin, the meme currency potentially making its return, and Polkadot (DOT) as well, standing at around 7 US Dollars as of right now.
With the ever-viable metaverse driving the popularity of blockchain gaming and cryptocurrencies across the board experiencing substantial investor interest, what lies in store for the decentralized industry in 2024?
Well, the tokenization of Real-World Assets (RWAs) has got crypto experts buzzing with interest, as this could potentially disrupt both the financial and crypto industries. There would, of course, be a significant amount of work involved to secure RWAs once they’ve moved on the chain, but several leading banks and financial institutions have already begun using blockchain technology in production, such as the World Bank with its Euroclear DLT bond.
As far as investments go, it would appear that the leading coins are still the most stable of assets heading into 2024. Bitcoin (BTC), Ethereum (ETH), Solana (SOL), and Polygon (MATIC) are all finishing out the year on a high.
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