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2024 – the year of crypto? Well, that is what some people think. Cryptocurrencies are a rollercoaster, but 2024 could be the best year ever. And yet, some people look at the negatives. As of May 3rd, 2024, crypto was down to $2.21 trillion from $2.49 trillion.
But it is still a trillion-dollar market – growing by 102.01% year-on-year. Below, we will tell you why 2024 could be one of the most important years for crypto.
Regulatory Tides Turning
Critical regulatory developments are taking place that could redefine the crypto industry significantly. For example, one of the regulation changes is the application of the Crypto-Assets Regulation and the revised Transfer of Funds Regulation (TFR) in the EU the travel rule for crypto assets.
The stability and growth of cryptocurrencies hinge on outcomes of ongoing deliberations concerning regulations; hence, it is essential to understand how these changes will influence (or should we say, restrict) trading.
The Halving Event
The halving has happened. And, unlike other halving events, this one has not generated as much noise. But it is still a major event that is worth discussing. The great halving happened on April 19, 2024, halving block rewards for miners to 3.125 BTC.
Historically, Bitcoin’s price increased by around 5500% after the first halving, 1250% after the second halving, and 700% in the third. So, although there has not been as much chatter surrounding this halving, it is still early to judge the effect.
Linking to iGaming
The iGaming industry is massive – it’s no surprise that it could play a dominant role in whether 2024 is a crucial year for crypto. The growing industry should reach a market value of $23.03bn in 2024, with a lot of new revenue generated on crypto casinos. These attract more attention with their enhanced security, privacy, and faster transactions.
And, tons of online casinos are now letting people pay with cryptocurrencies, even if they’re not crypto-powered casinos – but we’d argue a Bitcoin casino is the best. The whole idea behind cryptocurrencies aligns very well with what gamers and gamblers want – independence, enabling the creation of revolutionary gaming experiences with higher participant involvement.
Innovation, But At What Cost?
On the tech side, advancements like the Lightning Network are making cryptocurrencies a lot more practical for real-world use. Cool stuff like scalability upgrades and social Web3 platforms for uncensored communications are on the horizon too. But how much is too much innovation before mainstream users get left in the dust?
The Surge in Institutional Interest
Institutions are increasingly interested in crypto, and the Bitcoin ETFs and huge investments from big-league financial players were immensely impactful during the Q1 market of 2024. We expect that to carry over to 2024 – in the last few weeks, the spot bitcoin ETF market experienced a record $563.7 million in net outflows. There’s more trust and interaction between crypto markets and exchanges, with experts predicting Bitcoin spot ETFs will be one of the biggest investments in 2024.
So, Will 2024 Be Crypto’s Coronation?
Let’s be real – crypto has the potential to go full supernova this year, but plenty of roadblocks remain too. Regulation needs to strike the right balance, technology has to cater to the masses, and institutional and consumer adoption has to follow. Whether 2024 is remembered as the year crypto cemented itself as a transformative force or just another chapter in its volatile story…that’s anyone’s guess right now.
One thing’s for sure – the drama never stops in this space. So buckle up, crypto fam. This year’s wild ride is just getting started.
