If crypto’s 2023 should be described as anything, it’s stable. While 2022 had plenty of events that investors would rather forget, 2023 saw a return to form for numerous tokens, with the most prominent being BTC and ETH, which finished the year at $42,584 and $2,291 respectively.
So what is going to happen in 2024? As ever in a volatile market like this, it’s hard to make any sort of prediction that has weight behind it. But there are patterns to be spotted, and upcoming events that we know are going to happen that could swing the market in a certain direction.
With this in mind, we’re going to make 7 predictions about what could happen in 2024, and where this could leave the market going into 2025.
AI Becomes an Even Bigger Player
In the last month, crypto whales have been loading up on the AI crypto project known as Launchpad XYZ. At the time of writing, around $2.46 million has been pumped into the native token, LPX, and this is indicative of the overall sentiment on AI from investors. In 2023, the market cap for AI-related projects surged, and as tech becomes more integrated into our daily lives, it’s likely this surge will continue in 2024.
Bitcoin Rises Immediately
It’s happened. The SEC has approved Bitcoin’s ETFs, and this is going to have an immediate impact on the BTC price. With plenty of investors already flocking to the coin in the lead-up to the decision, the short-term effects are looking very positive, with BTC already rising above $47,000 – check cryptosoho.com for real-time price analysis.
Ethereum Secures ETF Approval
It doesn’t stop with Bitcoin, either. While the approval for ETFs was a win for the Bitcoin token, it was just as much a win for Ethereum, giving ETH a pretty clear path for approval in 2024. Like BTC, we should also expect ETH price to surge in the lead-up to the decision, and then soar higher in the immediate aftermath.
Bitcoin Pulls Back By 20% Pre-Halving
Around April, we should also expect Bitcoin to pull back by 15% to 20%. This will allow BTC and other cryptocurrencies to rally in the build-up to its ‘halving’ event, which could see a stabilisation of around $40,000. Considering the last halving event saw BTC stabilise at around $8,786, and then soar to $69,000 a year later, it’s fair to say that this halving event could be the most substantial yet.
But it Surges to New Highs by the Year End
That’s why we’re predicting a substantially positive end for Bitcoin at the end of the year. While it might not hit the heights of $69,000 – at least, not before 2025 – there are plenty of calendar events that will likely see BTC improve, and perhaps even average out at a price of $50,000 in December 2024.
Ethereum Cash Flow Will Double
We also reckon that Ethereum will be smiling by the time end-of-year comes. This is due to a potential doubling of its revenue, which many experts are predicting will happen over the next few months. Because Ethereum functions as a supercomputer – with thousands of crypto apps that people can use, provided they have the appropriate Ethereum asset – the rising interest in crypto apps is bound to aid the platform. After the Bitcoin ETF decision, for instance, a number of institutional investors have been jumping on board, and with Ethereum being one of the fastest-growing tech platforms, the $2.3 billion that it generated in 2023 could more than double in 2024.
Spotify Goes Crypto
We thought we’d finish off on a slightly out-there prediction. With NFTs being utilised more by artists – notably Snoop Dogg, Eminem, and The Chainsmokers – it’s likely that even more will jump on board in 2023. In response to this, Spotify could make its own move into the cryptocurrency landscape. According to reports, it has already been experimenting with token-gated playlists, requiring listeners to own particular NFTs in order to listen. And while this may seem a little unlikely, we’re always due at least one weird and wonderful crypto event to happen in a year. So who knows? This could be it!