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2024 promises to be a year marked by exciting trends for the cryptocurrency market. From the latest cryptos that are predicted to take off to the launch of long-awaited developments, we’re in for a year like no other for digital currencies.
For traders planning their next move, keeping up with these latest updates is crucial. So, if you’re thinking ahead to your next investment, bear the following trends in mind when you next access the crypto market via your usual trading platform.
Bitcoin ETFs
The long-anticipated introduction of Bitcoin Exchange-Traded Funds (ETFs) is poised to be a watershed moment for the cryptocurrency market. ETFs provide a regulated and accessible way for traditional investors to gain exposure to Bitcoin without directly holding the digital asset. This development is expected to bring a flood of money into the crypto space and the recent approval of a Bitcoin ETF has already led to a rise in Bitcoin’s value.
Bitcoin ETFs could lead to increased market liquidity, reduced volatility, and enhanced legitimacy for the entire cryptocurrency market. As regulatory frameworks become clearer and investors embrace this new option, we may see a change in how crypto is perceived.
Future cryptocurrencies
We often see new and updated cryptocurrencies enter the markets and 2024 is no different. Two of the digital currencies that are set to be the next big thing include:
- SingularityNET:This is a blockchain platform that’s a world first, thanks to its status as the first decentralised AI network. It can be used to create and monetise AI services, offering a global space where AI services can be bought with the AGIX token.
- Ethereum: This isn’t a new cryptocurrency. In fact, if you’ve been trading for a while, it’s likely you’ve come across this one before. However, after the first Bitcoin ETF was approved, Ethereum-based tokens surged in value, making this one to watch in ’24.
The rise of Bitcoin
Following the peaks and troughs of recent years, many are closely watching Bitcoin’s performance. The world’s most renowned cryptocurrency has shown resilience and adaptability, with its price exhibiting a cyclical pattern. As well as the approval of the first spot Bitcoin ETF, market analysts are optimistic about a potential resurgence in Bitcoin’s value that’s also driven by increased institutional adoption, growing global acceptance, and heightened interest from retail investors
US banks adopting tokenised payments
Across the Atlantic, a noteworthy trend is emerging as major US banks explore and adopt tokenised payments. These payments involve converting sensitive information into a secure digital token, reducing the risk of fraud and enhancing the efficiency of transactions. As traditional financial institutions integrate tokenised payment systems, the bridge between traditional banking and the crypto world becomes increasingly tangible.
This shift is indicative of a broader acceptance of blockchain technology within mainstream financial systems. As major banks in the UK and around the world follow these developments, they may follow suit.
While the cryptocurrency market is traditionally the most volatile, this year is shaping up to be an exciting one for traders seeking to expand their portfolio.
