Crypto Outlook 2024

The Game-Changers for Crypto in 2024

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Topics discussed in the study:

From Zero to Hero – Will Bitcoin Settle Down or Is It Set for Greater Gains?
Can a New Game-Changer for Crypto Arise?
10 Potential Game-Changers in 2024

The Game-Changers for Crypto in 2024 is a crypto study created by BITmarkets’ team for the benefit of its wide community of clients, investors, traders and experts. 

Dear valued clients,

Your voices are heard, and your demands shall be satisfied. Many of you have shown increasing interest and urgency for us, the BITmarkets team, to uncover our vision on the omnipresent trends in the crypto space, which we have delved into in this explorative study.

Such trends shape the future of the progressively-interconnecting global crypto ecosystem and the wider financial markets, so it comes as no surprise that market participants search for factors and clues to establish a firm investment stance and potentially identify new stars rising to shine through the crypto universe.

The crypto industry has basked in prosperity throughout 2023 following a catastrophic 2022; a year not to forget, but to learn from. Specifically, the collapse of the once-pioneer Terra ecosystem and the fall of FTX have underscored the importance of stability, security and transparency in crypto-related activities in order to safeguard the crypto trading environment.

Amid revitalizing sentiment, restoring fund inflows, and diminishing fear, uncertainty and doubt of crypto market participants – be it individuals, institutions or nations – towards cryptocurrencies, Bitcoin nearly achieved a threefold increase in value during 2023. Its relentless rise with short-lived price retreats, complemented with the continuous advancement of the underlying technologies within the crypto ecosystem, has also fueled the bullrun of altcoins.

Our team of analysts has carefully constructed this crypto study to present not only the drivers behind Bitcoin’s triumphant price escalation and assess if such growth is merely a precursor of what’s to come but also to explore not one, nor two, but ten game-changers which have the potential to transform the crypto world as we know it.

<p><em>Ali Daylami</em></p><p><em>Head of Data Analytics</em></p>

Ali Daylami

Head of Data Analytics

From Zero to Hero – What’s Next for Bitcoin?

Bitcoin is simultaneously the most demanded and least understood currency of the modern age. What was once a digital coin worth a humble $0.009 in 2009 has evolved to become the world’s largest and most liquid digital asset.

To put that into perspective, a $100 investment into Bitcoin in 2009 would be worth nearly $500 million today, and while many regard Bitcoin as the digital asset of the future, others are skeptical about the longevity of its market dominance and its potential significance in everyday life.

During 2023, Bitcoin gloriously escalated by a whopping 155% and took little time to cool off, thus enjoying high buying power pressure.

Bitcoin relentlessly rose to yearly highs above $44,400, due to several factors: 

Growing ETF excitement

Sentiment-driven Bitcoin is enjoying upward momentum, predominantly driven by the excitement surrounding the historic introduction of spot Bitcoin exchange-traded funds. The approval of Bitcoin ETFs could bridge at least $15 billion towards the Bitcoin ecosystem, which will stem from investors that are eager to invest into Bitcoin without facing the underlying risks of owning the cryptocurrency.

Scarcer by the minute

Given that the finite maximum supply of Bitcoin is 21 million coins, the value of Bitcoin is inherently deflationary as long as demand remains robust. The exponential growth of Bitcoin mining activity – which is when new Bitcoins are being created via computerized systems solving complex equations – is also playing a major part in increasing its scarcity as mining diminishes the total number of unmined Bitcoin, currently standing at less than 7% of the maximum supply. 

This makes Bitcoin similar to gold, and some would dub BTC as ‘digital gold’ since it possesses characteristics of bullion, notably its store of value and value appreciation in times of uncertainty. 

Not just that, but the number of investors who buy & hold Bitcoin is climbing, and the diamond hands are holding on to their BTC holdings harder and longer than ever before. Long-term holders remain reluctant to sell-off their Bitcoin holdings, making Bitcoin scarcer and ever-more demanded.

Worth nearly $43,000 as of the end of 2023, the world’s largest cryptocurrency continues to steal the spotlight, evident in its market capitalization of over $830 billion, and the aforementioned drivers may exert the momentum for Bitcoin to potentially retrieve all-time highs before the highly-anticipated halving event that will take place in April 2024. Or, will the story turn out completely different?

Bitcoin halving

Hand-in-hand with the scarcity effect of the upcoming BTC halving event, it is expected that 2024 will bring about a new peak for Bitcoin. Ultimately, these growth drivers leave little room for a major and prolonged price correction to take place, albeit theoretically inevitable despite short-term traders capitalizing on Bitcoin’s recent uninterrupted price increase. 

Learn more about the effects of Bitcoin halving in our previous study!

The contagious optimism surrounding Bitcoin is evident. Readings from the Crypto Fear & Greed Index by, which calculates the sentiment towards Bitcoin by aggregating multiple market key performance indicators, highlighted a “greed” score of 74 out of 100; a score last achieved in November of 2021. What does it mean? There are various interpretations but one thing is for sure: emotions overcome reason. 

Correction on the horizon?

The more Bitcoin grows, the deeper (and potentially more prolonged) the price correction may be, and here’s why. In late October, Glassnode data showed that 80% of Bitcoin addresses are in profit – a time when Bitcoin was priced at $34,000. Also, as of the end of December 2023, there were more than 44 million Bitcoin addresses in profit. Given that, complemented by the HODL Waves metric which indicates that more than 15% of BTC supply is held by 2020 bull market buyers, more BTC growth will likely prompt a large-scale sell-off and hence a major price correction is expected to take place.

In theory, the more Bitcoin grows, the more likely it is that its holders will be encouraged to sell-off their firm holdings, and so the more imminent and sharper the price correction may be. What’s more important to realize is that a major BTC price correction will likely impact the entire crypto industry, as Bitcoin is the most influential cryptocurrency in the market. 

Bitcoin’s market dominance neared 50% as of 2023’s year-end, meaning that more than half of the crypto industry’s total value of $1.6 trillion is attributed to Bitcoin’s market capitalization. Hence, Bitcoin’s price behavior is a large influencer of the value of the majority of cryptocurrencies. Given that, a major decline in Bitcoin is likely to encourage widespread sell-offs that would result in a significant slash in the total crypto market cap.


BTCUSD - 1 Day Time Frame

As seen in the chart provided, a new support level could have formed at the $40,000 price since Bitcoin bounced off this level in a rather quick manner. Technically speaking, a major price retreat may take place when Bitcoin increases in value to $48,000 or even towards the $55,000 mark, to then potentially decline to $40,000 if not to $36,000 lows.

10 Game-Changers for Crypto in 2024

Is the story of turning $100 into nearly $500 million in 14 years replicable? And, apart from Bitcoin, are there any digital assets that can achieve a comparable success?

No one can answer the question with a clear yes or no. It’s a burgeoning universe comprising altcoins, decentralized finance, and more, each contributing to a diverse and innovative landscape. This diversification signals maturity in the market, offering investors and users a wide array of choices tailored to different needs and risk appetites.

The resurgence of positive sentiment towards digital assets has revitalized the crypto market once again after a pessimism-stricken 2022, and this has given rise to game-changers which have a great potential in transforming how we perceive modern finance.

In the ever-evolving world of digital finance, the rise of Web3, increased blockchain activity, and the growing crypto ecosystem are pivotal forces reshaping the crypto industry. As a result, multiple investment options have come to light and have the potential to enjoy prosperity.

What might be the 10 game-changers for crypto in 2024?

ETFs Could Bridge Billions

The introduction of spot Bitcoin exchange-traded funds (ETFs) is poised to significantly impact the financial world, potentially steering billions of dollars towards the cryptocurrency industry. These financial instruments, which would allow investors to gain exposure to Bitcoin without directly purchasing the digital currency, represent a monumental shift in the integration of cryptocurrencies into mainstream finance.

This is evident in the growth of global cryptocurrency exchange-traded products (ETPs) in 2023, surpassing the growth of underlying assets, as per a report by digital asset platform Fineqia. What’s all the fuss about spot Bitcoin ETFs?

Firstly, spot Bitcoin ETFs lowers the barrier to entry for both individual and institutional investors. Unlike direct cryptocurrency investments, which require dealing with wallets and exchanges, ETFs offer a familiar, regulated, and accessible means of investment, akin to buying stocks. This ease of access leads to a surge in capital inflow from a broader investor base, particularly those who are cautious about diving into the complex world of crypto.

Moreover, the legitimization aspect of ETFs cannot be overstated. The approval and adoption of Bitcoin ETFs by major financial regulatory bodies signals a strong endorsement of cryptocurrency's reliability and stability as an asset class. This validation would likely boost investor confidence, potentially leading to increased adoption rates and further integration of cryptocurrencies into diversified investment portfolios.

Finally, spot Bitcoin ETFs serve as a bridge between traditional finance and the burgeoning world of digital assets. By blending the new frontier of crypto with conventional investment structures, these ETFs stand at the forefront of a financial revolution. They not only provide an avenue for substantial capital flow into the crypto industry but also herald the reshaping of finance, blending the old with the new in a rapidly evolving digital economy.

Ethereum is as Significant as Ever

As the crypto industry evolves with the burgeoning growth of Web3, Ethereum steadfastly remains a cornerstone of this digital revolution. Its enduring significance, fueled by its flexible and robust platform, positions Ethereum for potential substantial growth in 2024.

Ethereum’s role as the primary platform for decentralized applications (DApps) and smart contracts is pivotal in the Web3 landscape. Its ability to execute complex contracts and support a diverse range of applications makes it an indispensable tool for developers. This versatility ensures Ethereum’s continuous relevance, despite the emergence of newer blockchain technologies.

The ongoing shift towards Ethereum 2.0, with its promise of increased scalability, energy efficiency, and speed due to the transition to Proof of Stake (PoS), is anticipated to further solidify its position. This upgrade addresses key concerns such as high gas fees and network congestion, making Ethereum more attractive for both existing and potential users.

Additionally, Ethereum’s ecosystem is at the heart of significant trends like Decentralized Finance (DeFi), which is integral to the Web3 vision. The thriving development community and the continuous innovations within the Ethereum ecosystem suggest a trajectory of growth as these sectors expand.

Looking towards 2024, Ethereum’s deep-rooted position and ongoing enhancements poise it for remarkable growth. As Web3 transitions from a nascent concept to a more integrated part of the digital economy, Ethereum’s foundational role in this new era of the internet suggests not just sustained relevance, but a potential surge in prominence and value.

Hello Helium!

The year 2023 has been remarkable for Helium, a cryptocurrency that has seen substantial growth, largely driven by its unique position in the Web3 landscape and a series of strategic developments. The Helium Network, known for creating decentralized wireless infrastructure, has become increasingly relevant in the era of Web3, where the demand for distributed networks is on the rise.

One of the key factors contributing to Helium’s rise is its innovative approach to providing wireless connectivity. By leveraging blockchain technology to create a more accessible and widespread network, Helium has addressed a crucial need in the expanding Internet of Things (IoT) and Web3 spaces. This has not only enhanced its utility but also increased the intrinsic value of the Helium token (HNT).

Reports of Helium’s price surging by 100% in a single day suggest a rapidly growing investor interest, possibly driven by significant network expansions or technological milestones. The dramatic increase in its value indicates strong market confidence and recognition of its potential.

Additionally, Helium’s integration with other major blockchain platforms, such as Solana, has likely bolstered its growth. This integration could have provided enhanced scalability, security, and efficiency, making Helium more attractive to both developers and investors.

Moreover, the overall positive sentiment in the crypto market, along with specific bullish trends in Helium’s performance, has likely contributed to its parabolic price movement. This trend underscores the increasing recognition of Helium’s unique value proposition in the decentralized network space.

Looking ahead to 2024, Helium’s unique positioning at the intersection of blockchain technology and wireless communication, combined with the growing momentum of Web3, sets the stage for potential growth in both its network utility and token value. This makes Helium a cryptocurrency to watch as the digital world embraces the next phase of internet evolution.

SOL: Altcoin of The Year

In 2023, Solana witnessed a significant upsurge, buoyed by a confluence of technological innovations, strategic initiatives, and high-profile endorsements. A substantial part of this growth trajectory can be attributed to a surge in NFT activity on its platform, as indicated by reports of increased NFT transactions and user engagement. This uptick in NFT activity highlights Solana's appeal as a cost-effective and efficient blockchain for digital collectibles and art.

Another pivotal moment for Solana was the endorsement from notable investment figures like Cathie Woods, whose positive outlook on the cryptocurrency boosted investor confidence. Such high-profile endorsements have been instrumental in elevating Solana’s profile in the investment community.

Strategic partnerships have also played a crucial role in Solana’s ascent. Its collaboration with significant entities, such as its partnership with Visa and the Dubai Free Zone, has expanded its global reach and application. These partnerships not only enhance Solana’s visibility but also open up new avenues for blockchain implementation and innovation.

Additionally, the launch and subsequent success of Solana’s crypto-focused smartphone, Saga, have added a new dimension to its ecosystem, catering to a tech-savvy audience and integrating blockchain technology more seamlessly into everyday technology.

Finally, projections like those from VanEck, which suggest a potential 10,000% increase in Solana’s value by 2030, underscore the long-term optimism surrounding this blockchain platform. This forecast points to Solana’s potential in reshaping the future of blockchain technology and digital finance.

In summary, Solana’s growth in 2023 is a multifaceted success story, driven by technological prowess, strategic partnerships, market confidence, and visionary projections, positioning it as a standout player in the rapidly evolving blockchain landscape.

AVAX: The Rising Star

As we move into 2024, Avalanche (AVAX) is emerging as a game-changer in the cryptocurrency landscape. Known for its blazingly fast transaction speeds and low fees, Avalanche is making waves with its robust on-chain metrics and innovative technology, marking it as a standout platform in a crowded field.

Avalanche’s success can be attributed to its unique consensus mechanism, which offers a novel blend of speed, security, and decentralization. Reports have highlighted a significant uptrend in its on-chain activity, suggesting a growing user base and increased adoption in various crypto sectors, including DeFi. This upward trajectory is a clear indicator of the platform’s robust health and potential for further growth.

The platform's recent price surge speaks volumes about its resilience and investor confidence. This trend is backed by an increasing number of validators and a vibrant ecosystem, further cementing AVAX’s position in the market.

Moreover, Avalanche’s scalability and interoperability make it a highly attractive platform for developers, setting the stage for continued innovation and expansion. Its ability to handle high transaction volumes without compromising on speed or security makes it a strong candidate for widespread adoption.

In 2024, Avalanche stands at the forefront of the crypto evolution, promising to play a pivotal role in shaping the future of blockchain technology and digital finance.

ADA is Adamant on Leadership

Cardano (ADA) has positioned itself as a trendsetter in the crypto world, especially as we look ahead to 2024. This innovative blockchain platform, known for its scientific approach and emphasis on sustainability and scalability, has seen significant growth, underpinned by several key factors.

Firstly, Cardano’s commitment to rigorous academic research and peer-reviewed development strategies has distinguished it in a field where rapid, often unchecked growth is the norm. This methodical approach has resulted in a robust, scalable, and secure blockchain platform, capable of accommodating a wide array of applications.

Secondly, the surge in ADA’s price, as noted in various reports, reflects growing investor confidence. This uptick is not just a short-term rally but a testament to Cardano’s long-term potential. The platform’s continuous upgrades, including the Alonzo hard fork, which introduced smart contract functionality, have significantly expanded its capabilities, attracting developers and users alike.

Moreover, Cardano’s focus on sustainability positions it uniquely in the crypto market. As environmental concerns become increasingly paramount, Cardano’s energy-efficient proof-of-stake protocol sets it apart, aligning with global trends towards eco-friendly technology.

In 2024, with its advanced technological foundation, growing community, and commitment to sustainable and scalable blockchain solutions, Cardano is poised not just for growth but to potentially redefine the landscape of cryptocurrency and blockchain technology.

BTMT: What’s in It for Me?

BITmarkets Token (BTMT) emerged as a groundbreaking force in the cryptocurrency landscape. BTMT isn’t just another token; it’s a powerful tool for traders, offering a suite of unique benefits that redefine the crypto trading experience.

Firstly, BTMT holders enjoy dramatically reduced trading fees, with rates as low as 0.01%. This unparalleled advantage significantly lowers the cost barrier for frequent traders, enhancing profitability and market accessibility. In an industry where transaction fees can erode gains, BTMT stands out as a cost-effective solution.

Moreover, BTMT holders are not just investors; they’re valued members of the BITmarkets community, entitled to tailored VIP support from a dedicated team of professionals. This personalized approach to customer service ensures that BTMT holders receive expert guidance and support, enhancing their trading experience.

Access to special content further empowers BTMT holders with exclusive insights and information, giving them an edge in their trading strategies. This benefit is invaluable in the fast-paced world of crypto trading where knowledge is power.

Participation in voting on ESG projects allows BTMT holders to influence the platform’s environmental, social, and governance initiatives. This feature not only provides a sense of community involvement but also aligns investments with ethical practices.

Reward programs and early access to unique platform features offer additional incentives, making BTMT an attractive option for those looking to maximize their investment potential. The ability to vote on platform features ensures that the community’s voice is heard, fostering a democratic and user-centric ecosystem.

Lastly, the potential profit from BTMT’s growing value cannot be overlooked. As BITmarkets continues to innovate and expand, the intrinsic value of BTMT is poised to increase, offering holders the opportunity for significant financial gains.

In summary, BTMT is not just an investment; it’s a comprehensive tool for enhancing the trading experience. With its unique benefits and community-focused approach, BTMT is set to be a game-changer in the crypto world in 2024.

Learn more about the unique benefits of BTMT and the token’s roadmap by exploring the BTMT hub!

XRP is Thinking Global

XRP, the digital asset of Ripple, is positioned to be a trailblazer in the crypto industry in 2024. This year marks significant milestones for Ripple and XRP, showcasing the potential to revolutionize global finance.

Besides being recently recognized as a legitimate cryptocurrency in Dubai, a crucial development is Ripple’s acquisition of a payment license in Singapore. This strategic move expands Ripple’s reach in the Asian market, bolstering its role in facilitating international transactions. The license enhances Ripple’s credibility and regulatory compliance, key factors for institutional adoption.

Furthermore, Ripple’s selection to power Georgia’s Central Bank Digital Currency (CBDC) is a testament to its advanced technology and trust within governmental financial institutions. This venture not only underscores Ripple’s technological capabilities but also demonstrates the growing acceptance of blockchain technology in mainstream finance.

Additionally, the anticipated public listing of Ripple is set to elevate its market presence. Going public could attract significant investor interest and provide a boost to XRP’s visibility and valuation.

However, XRP’s journey isn’t without challenges, as seen in the fluctuations following rumors of partnerships. This highlights the volatility and speculative nature of the crypto market.

In conclusion, XRP’s strategic regulatory advancements, key partnerships, and potential public listing position it as a transformative force in 2024, bridging traditional finance and the evolving world of digital assets.

PayPal is Crypto’s Best Friend

PayPal cemented its position as a pivotal force in the crypto industry, driven by a series of strategic expansions and innovations. Its foray into the world of digital currencies is not just a leap into a new market but a reshaping of the crypto ecosystem itself.

A significant milestone was the introduction of PYUSD, PayPal’s own stablecoin, integrated into its Venmo platform. This move has made cryptocurrencies more accessible to its vast user base, providing a stable and reliable digital currency option for everyday transactions.

Furthermore, securing a crypto license in the UK marked PayPal’s commitment to regulatory compliance and trustworthiness in global markets. This step was crucial in expanding its crypto services to a broader international audience, fostering greater adoption.

Additionally, enabling US users to sell crypto via the MetaMask wallet demonstrates PayPal’s dedication to integrating traditional financial services with DeFi applications, bridging the gap between conventional and digital finance.

In 2024, PayPal’s strategic initiatives have positioned it as a game-changer in the crypto industry, expanding the reach, accessibility, and functionality of digital currencies in the global financial landscape.

Not The Finish Line Yet for Marathon Digital

Marathon Digital has emerged as a central force in the cryptocurrency industry, especially in 2024. This leading Bitcoin mining company has made significant strides, influencing both the crypto market and the broader financial ecosystem.

Over the past year, Marathon Digital has demonstrated robust growth, underscored by an 135% stock increase last month. This surge is reflective of the company’s strategic expansions and operational efficiencies. Marathon Digital’s commitment to scaling its mining operations, while maintaining environmental responsibility, has positioned it as a leader in sustainable crypto mining practices.

Furthermore, Marathon Digital’s financial performance, despite market fluctuations, indicates a strong business model and adaptability. The company’s ability to navigate the dynamic crypto landscape, particularly in times of regulatory and market uncertainty, has instilled confidence in investors and industry stakeholders.

The company’s plans to raise significant capital, as indicated by recent reports, suggest a forward-looking approach to investment in technology and infrastructure. This move is likely to further strengthen its mining capabilities and market position.

In 2024, Marathon Digital’s role in the crypto industry goes beyond mining. Its influence extends to shaping market trends, driving technological advancements, and setting standards for sustainable and efficient mining practices. As the crypto industry continues to evolve, Marathon Digital stands at the forefront, redefining the future of cryptocurrency mining.

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