Crypto experts agree that a new bull market has started in 2023. The next Bitcoin halving event, the increasing optimism in the sector, and the approval for new projects are only signs supporting this idea.
The first months of 2023 have brought hope to the crypto industry because they have witnessed surges in the prices of most cryptocurrencies. An increasing number of investors have learned how to get bitcoin p2p because it promises to deliver a high return on investment.
Blockchain-based assets have been subjected to high volatility, which points out that the market could gain momentum and go through a bull run in 2024. Bitcoin, Ethereum, and most cryptocurrencies have registered giant price leaps in recent months.
If History Repeats Itself, Cryptocurrencies’ Prices will Surge in 2024
2023 has witnessed the resurgence of the crypto sector, and its valuation has increased by over 100% in the last 12 months. Unsurprisingly, Bitcoin and Ethereum have been the assets that benefited the most. However, all the other digital currencies have registered gains, which will continue in 2024.
At a point when TradFi giants are taking steps to integrate cryptocurrencies into real-world assets and create a convergence between the real and digital spaces, the crypto sector will be 15 years old in 2024 and hold the promise to evolve. The latest surge in crypto prices could be interpreted as an anticipative sign that the market will turn bullish in 2024. This isn’t the only telling point; several others align with this idea.
Cryptocurrencies have registered mainstream adoption. The news reveals that spot ETFs will be approved at the start of 2024 and will mark a pivotal moment in the digital financial landscape. Crypto integration is something everyone has been waiting for a long time, and it seems like the moment is getting closer and closer. The sector could witness skyrocketing growth if a small percentage of US wealth management assets is transferred into ETFs.
Blockchain goes through technological advancements. The blockchain sector is constantly upgrading, and 2024 will bring new improvements meant to improve scalability. UI/UX development will facilitate the transition from Web2 to Web3, and people will find it easier to use Metaverse apps. User migration from Web2 to Web3 is inevitable because the new ecosystem offers unparalleled advantages like self-sovereignty.
Bitcoin and Ethereum Act Like Catalysts for the New Bull Run
With increasing cryptocurrency prices, everyone wonders if 2024 will bring a new bull run. Finance experts agree that Bitcoin and Ethereum, the two largest cryptocurrencies by market cap, will drive the trend.
Bitcoin will go through a new halving event in April 2024. It goes through this phase every four years when it reduces the number of coins mined and the rewards by 50%. It’s an essential event because it guarantees that Bitcoin remains a scarce asset and its supply is decreasing at an established pace. Historically, we have witnessed bull and bear runs correlated to the halving events of Bitcoin. The year leading to a new halving event is often characterized by an accumulation when the cryptocurrency’s potential grows explosively. The year after the halving event marks a slow decrease and is preparing the market for a bear phase.
Ethereum has started the 2.0 upgrade in 2022 and will reach the final stages in 2024. After the Shanghai upgrade, the proto-dank sharding will be integrated into the network, and the second-largest digital currency by market cap will be more energy-efficient, secure, and scalable. The network has also implemented the transaction-burning and staking mechanism over the last few months, which will increase the ecosystem’s tokenomics demand. All these changes in the network will attract more investors, developers, and users, increasing its value and driving positive movement in the crypto market.
Ethereum is not as big as Bitcoin, it has reached 40% of its size until now, but it should be treated as a worthy competitor. People have often defined it as the cryptocurrency that will someday dethrone Bitcoin.
Why do Experts Believe that the Bull Run from 2024 Could be An Explosive One?
New Emerging Use Cases
Most crypto projects have been presented as concepts that could change something. However, only a couple of them have applications in the real world, and users are looking for more. The most sustainable and successful use cases of digital currencies are decentralized lending/borrowing and trading. But over the last few years, innovative projects like the Metaverse, NFTs, and digital games have brought new use cases and attracted more actors to the scene. As blockchain technology matures, new practical use cases are expected to emerge, which could drive mainstream adoption of cryptocurrencies.
Blockchain Infrastructure Enters a New Stage
Blockchain infrastructure poses no unreasonable limits at this point, and users are more attracted to using decentralized applications. Digital users are genuinely interested in using blockchain services and products. The upgraded blockchain infrastructure will enable decentralized projects to reach their full potential and drive growth in the crypto sector.
Innovation is Widely Adopted
When the first crypto projects appeared, only those passionate about technology joined the trend. However, over the last few years, as technology evolved and the infrastructure matured, it has provided the public with more profound experiences.
The innovation brought by the crypto sector could attract a new influx of users looking for ways to boost their profits.
The Great Migration to Web3 will take Place
Over the next few months, we expect to witness a great migration of users from Web2 to Web3. Web3 will decentralize the Internet and promote decentralized apps more than ever. Experts predict that the audiences will finally recognize the unparalleled benefits it will bring, with a user-controlled digital ecosystem and secure environment.
Final words
The convergence of several trends, such as the metaverse, artificial intelligence, and crypto, will spring into something that will evolve incredibly quickly. The conditions for a new bull run are in place, and the entire sector is waiting for it to happen.
