In the volatile world of cryptocurrencies, the only constant is the sense of excitement- for better or worse. The meteoric rise of crypto in the past decade has made the world take notice of the potential of decentralized finance (DeFi) and other emerging technologies.
Bitcoin (BTC) has continued its golden run even in the first half of 2024, fuelled by both positive and negative developments related to polity, politics, and other factors such as the Halving event. Other coins including Ethereum have also shown a positive outlook in the current bullish run.
The first half of 2024 is gone but what we can say for sure is that the crypto wild ride is far from over and the possibilities for the next half are endless. Market experts are having a difficult time predicting the journey of crypto ships amid volatile winds.Â
In this article, we have compiled some of the possible predictions for various cryptocurrencies for the next half of 2024.Â
Major Factors that can decide the fate of crypto in 2024
1. Exchange Traded Funds (ETFs)
New exchange-traded funds (ETF) are rising, and according to Farside Investors, their value exceeds $14 billion even when they are still not tapping into available markets. The sporadic rise of ETFs in the first part of 2024 will have a definite positive impact on various cryptocurrencies.Â
Although pension funds, endowments, and hedge funds have historically resisted the influx of crypto, they won’t for long now. Due to the influx of ETFs, we can see the casino industry embracing ETHs, and some of the top ETH casinos according to Techreports experts, like Geoff Kukard, are all easy to navigate with great welcome bonuses and are crypto-friendly. When each industry moves forward and starts accepting crypto, it will be crucial to note which crypto becomes dominant.
As demand grows for ETFs in rising and established industries, cryptocurrencies are racing to fill the void. Cryptocurrencies can be tailor-made for specific niches and purposes, and as we see more emerge, Bitcoin will have a hard time fighting them all for market dominance.
2. Halving 2024
April 2024 marked the late Bitcoin halving, a significant event in Bitcoin history that further shook the crypto scene and made headlines. While this was in the past, its effects and the aftershock will be felt in the coming months and even years. Bitcoin halvings are inevitable, marking a spot from which new miners receive 50% fewer Bitcoins for every transaction. The halving event is predictable, as it will occur every 210.000 blocks.
In theory, the halving should be good for the crypto economy as it reduces the number of new Bitcoins. Fewer Bitcoins mean they are rarer and harder to mine, which should lead the value of Bitcoin to rise. But that will happen if the demand for Bitcoin follows, which is not always guaranteed.
As we’ve previously discussed, should new industries adapt and start using Bitcoin, that could lead to a rise in demand. We have crypto gambling sites as an example where an industry can accept any number of coins, and Bitcoin halving has produced a ripple effect.
Bitcoins are becoming harder to mine, which leads to fewer newcomers to the industry as the initial cost rises. It now takes more time to obtain Bitcoins, and the market is still adapting. Bitcoins prices were never stable, but the halving had produced a bullish temperament, and the crypto market still hasn’t settled in speculations. What could happen is that investors could turn to more stable cryptocurrencies like Ethereum and Solana, and should the trend be large enough, it could further dent Bitcoin supremacy and do more than half its price.
3. Politics in crypto (U.S. Presidential Elections)
Love it or hate it, the real world affects crypto just as much as crypto has affected the real world. Politicians worldwide are still struggling with the concept, as crypto moves and expands faster than new bills can be made. Politicians and governments have discovered that they can impact crypto by publicly supporting or shunning crypto, opting to either regulate and promote crypto in their countries or make tighter laws around crypto. In turn, such actions reflect on the prices of various cryptos and add to price speculations.
The upcoming US election will surely have an impact on crypto prices, where Donald Trump has pivoted and adopted a more open-minded look towards crypto, while the Biden administration is looking at a stricter and controlled environment. We saw the European Union (EU) bring a landmark bill with Markets in Crypto-Assets (MiCA), signaling a regulated crypto industry within its borders, and the US is looking closely and taking notes.
Hopes are high that the end of 2024 will open doors toward a concrete crypto legislature for the US. The US crypto market was valued at over $4.5 billion in 2023, so whatever step the US Congress makes, it will change crypto as we know it today.
4. New contenders (SingularityNET, Solana and THORChain)
New cryptocurrencies pop up all the time, many don’t stand the test of time, but each tries to succeed. It’s never reliable to conclude that any new cryptocurrency will fail, as each carries the seed of potential success. SingularityNET, Solana, and THORChain are the next big three names that could make an impact on the crypto scene before 2024 ends. SingularityNET has found its place in the AI scene, riding the AI boom since 2023. Its main feature is that potential investors and users can use SingularityNET to create tokens for AI services.
SingularityNET
As AI takes over many industries with $ 1 billion deals, SingularityNET continues to enjoy its price explosion, which has increased over 1000% since last year. SingularityNET uses its AGIX utility token, which can be tradeable on the market and is used to express AI services.
SingularityNET employs some of the best tech researchers, software developers, and AI scientists on its team, making it a strong and promising crypto to follow, as AI won’t slow down anytime soon.
Solana
Solana has impressive numbers to boast about because its price has risen more than 40% in the past half of 2024 with no signs of stopping, as it has increased in value by over 800% when we compare 2024 and 2023. But why is it like that, and what will happen?
Developers love Solana because it easily scales and can process large numbers of transactions. That alone is not enough to justify Solanas surge in popularity, and the other side of the tale is that Solana devs soon plan to launch Solana ETFs. Solana ETFs will create a foundation for bigger institutional changes and could enable easier implementation of Solana in the future, but it all depends on various regulatory means.
THORChain
Lastly, THORChain is gaining traction in the AMM (automated market maker) niche, allowing users to fuse their crypto wallets with THORChain and trade with thousands of other cryptocurrencies. The collapse of FTX in 2022 showed everyone how a centralized crypto exchange can be dangerous, but THORChain swooped in and filled in the gap, covering another market niche and demand.
THORChain remains very profitable because over $1 billion per week (you’ve read that right) in transaction volume was made during November 2023 using THORChain.
