Even bluechip crypto like Bitcoin and Ethereum surged 160% and 90%, respectively. Bitcoin prices zoomed to touch $44,000 in early December, after Blackrock, the world’s preeminent asset manager with over $9 trillion in assets under management, filed for Bitcoin spot ETF. It has now settled around $43,000, about 155% higher than what it was at the beginning of the year.
Here’s what experts think crypto look like in 2024
Edul Patel, CEO and Co-founder of Mudrex
The year 2024 looks promising for cryptocurrencies because of two important things. First, there’s a chance that Bitcoin spot ETFs might get approved, attracting big investors. Second, there’s the Bitcoin Halving, which happens every few years and is scheduled for April 2024. This event could change how much Bitcoin is around, affecting its price. With these two events, 2024 could be an exciting year for the crypto market.
Rajagopal Menon, Vice President, WazirX
The outlook for 2024 appears cautiously optimistic. Analysts expect a continued rise in institutional investment, with Bitcoin and Ethereum ETFs expected. The shift towards Web 3 applications and the growth in Layer 2 solutions, especially for Ethereum, are seen as positive developments. Macroeconomic factors and regulatory changes will influence the markets.
Rahul Pagidipati, CEO, ZebPay
Looking ahead to 2024, there is considerable excitement within the crypto community. High expectations surround the approaching Bitcoin halving event, coupled with notable developments in the decentralised finance (DeFi) arena. Additionally, the potential approvals of Spot ETF applications filed by institutional investors are key events to watch out for.
The industry’s success in 2024 will hinge on maintaining robust security for users, promoting transparency, and adhering to ethical principles. The ability to adapt and integrate these innovations will play a significant role in shaping the industry’s trajectory. Trust and credibility will be pivotal in fostering widespread adoption and ensuring the industry’s continued positive growth.
Shivam Thakral, CEO of BuyUcoin
I think we will see a crypto super cycle in 2024. The mega events like Bitcoin Halving and ETF approval anticipation will play a key role in driving the momentum of crypto assets. US monetary policy and subsequent decisions on the interest rates by the US Fed will have a significant impact on market sentiment and risk-taking capacity of traders. Simultaneously, clarity on the regulatory front will attract institutional giants to start their digital asset journey. As predicted by banking giant Standard Chartered, Bitcoin will hit the $100,000 mark by the end of 2024.
Parth Chaturvedi, Investments Lead, CoinSwitch Ventures
Looking ahead to 2024, we anticipate that faster and more scalable Layer-1 chains, real-world asset tokenization, and the convergence of traditional (TradFi) and decentralized finance (DeFi) will propel the ecosystem further.
We are hopeful to see more efficient Layer-1 solutions, and powerful Layer-2 rollups, addressing scalability challenges and ushering in a new era of blockchain applications. Furthermore, advancements in tokenization protocols will unlock investment opportunities for both individual and institutional investors.
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(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)
