We Asked The Experts: What Crypto Trends Will Shape 2024?
We’ve collected industry expert predictions on trends that will shape crypto in 2024.
Cryptocurrencies have experienced a tumultuous ride throughout the current year, and, as we approach 2024, a critical juncture in their evolution awaits. Despite its journey being characterised by a delicate balance between flourishing innovation and the need for a robust regulatory framework and security, as we stand on the brink of the new year, there’s a lot to look forward to.
We asked a panel of industry experts to give their predictions on what trends they think will shape crypto next year…
Our Experts
- Kate Leaman – Chief Market Analyst at AvaTrade
- YuanJie Zhang – Co-Founder of the Conflux Network
- Zachary Michaelson – Senior Director, Strategy, Financial Services at Publicis Sapient
- Andreas Schemm – Ecosystem and Operations Director at Human Protocol
- Kurt Wuckert Jr. – Chief Bitcoin Historian at CoinGeek
- Jean-Baptiste Graftieaux – CEO of Bitstamp
- Tom Griffiths – Managing Partner & Co-Founder of BitCompli
- Johnny Gabriele – Head of Decentralised Finance at CryptoOracle Collective
- Peter Wood – CTO at Spectrum Search
Kate Leaman, Chief Market Analyst at AvaTrade
“In the upcoming year, there is expected to be a remarkable surge in the cryptocurrency market, characterised by explosive growth. Many experts are predicting an astounding tenfold increase in the global crypto market cap, pushing its value past $2.2 trillion. This leap in crypto’s value is expected to be fuelled by wide-scale cryptocurrency adoption, with potentially as many as one billion people joining the digital asset revolution.
“Adding to this, as crypto ownership increases significantly, the regulatory landscape will also continue to evolve and vary in different countries. For example, the UK is set to take a measured, proportional regulatory approach, while other nations, such as China, will continue enforcing rigorous regulations.
“What’s more, looking specifically at Bitcoin – the world’s largest and most popular cryptocurrency – anticipated developments around the coin, including its halving event and the emergence of new investment products like BlackRock’s ETF, are set to rekindle interest in its market.
“In light of this, views concerning the price of Bitcoin in 2024 are mostly favourable. In fact, bullish analysts predict that by the end of the year, Bitcoin’s price could reach a new all-time high, possibly surpassing $100,000 or even $200,000 per BTC.”
YuanJie Zhang, Co-Founder of the Conflux Network
“The crypto industry is expecting an ongoing bull run into 2024 with Bitcoin halving spot ETF approval and interest rate decline. Interestingly, we are seeing enormous innovative opportunities from the Bitcoin inscription ecosystem, RWA (real-world asset), AI, and Blockchain and Depin projects. Ethereum and its Zero-Knowledge Layer2 projects are lagging where there is not much excitement.”
“Another interesting phenomenon is that blockchain, a born global native technology, is witnessing regional engagement. In 2024, stablecoins of currency other than the U.S. dollar will emerge from different regions. Among them, Stablecoins of the Hong Kong Dollar and Chinese Offshore Yuan led by Hong Kong Web3 forces, will gradually penetrate the crypto community and further get leveraged by international trade merchants. New stablecoin players will leverage not only the high-performance blockchain technology (e.g., Conflux) but also the crypto frenzy to build a payment network, which truly makes an alternative to SWIFT and the bank system of the world.”
Zachary Michaelson, Senior Director, Strategy, Financial Services at Publicis Sapient
“Looking ahead to 2024, we anticipate the institutionalization of Bitcoin to become inevitable, driven by major corporations seeking market dominance, a strategic move aimed at satisfying customer demands and expanding their influence. Major banks like JPMorgan Chase, Morgan Stanley, and Goldman Sachs are expected to continue building their cryptocurrency teams, a trend likely to be bolstered globally by the anticipated SEC approval of Bitcoin ETFs, though this could raise concerns about potential corporate monopolies and the risk of undermining Bitcoin’s decentralized ethos.
“In line with this, the SEC is projected to enhance its regulatory oversight to prevent fraud and market manipulation in the cryptocurrency sector, potentially marginalizing non-compliant players through increased compliance costs and enforcement. The development of Central Bank Digital Currencies (CBDCs) and stablecoins is expected to grow, particularly with a focus on tokenized bank deposits for retail in emerging markets and major central banks concentrating on wholesale CBDC use cases.
“Tokenized deposits and money market funds are likely to emerge as strong alternatives to stablecoins and retail CBDCs, promising enhanced liquidity and efficient transactions, but also carrying risks linked to issuing institutions and regulatory scrutiny, with the market potential estimated to reach $5 trillion over the next five years, predominantly led by stablecoins and CBDCs.
“The introduction of Bitcoin ETFs and the upcoming halving event in 2024 are anticipated to significantly bolster Bitcoin’s price and momentum, contradicting the efficient market theory due to historical trends of post-halving price surges and market inefficiencies caused by factors such as market manipulation and asymmetric information.
“Finally, Bitcoin’s correlation with tech stocks, which has fluctuated over the years, may see an increase with dramatic changes in the macro environment in 2024, although stable macro conditions might allow Bitcoin’s price movements to be more influenced by its own news and sentiment.”
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Andreas Schemm, Ecosystem and Operations Director at Human Protocol
”We’re expecting to see Bitcoin halving in 2024 so that will create some of the biggest crypto news of the year. This is where Bitcoin’s protocol requires a block reward to be cut in half every 210,000 blocks (roughly every four years) and may push up the cryptocurrency’s price by reducing the rewards that miners get for validating blockchain transactions, limiting the issue of new coins and maintaining its scarcity.
There will be more of a focus on crypto regulation too, especially with MiCAR – the Markets in Crypto-assets Regulation in the EU. MiCAR doesn’t apply until the end of December 2024, but those working in the field will be making sure they are across regulations so that they can still conduct their business.
In the US, the SEC (security and Exchange Commission) is set to decide on a Bitcoin ETF (exchange-traded fund) by January 10. It’s reasonable to expect more money to be flowing into crypto markets once this is decided. Following the stability of regulation and credibility given by the ETF decision, I expect to see more of a focus on real-world utility for crypto and blockchain as well as increased trust.”
Kurt Wuckert Jr., Chief Bitcoin Historian at CoinGeek
“In 2024, we will enter the 5th Bitcoin epoch! Early in the year, the block reward will reduce by another 50% down to 3.125 bitcoins per block – putting immense pressure on network infrastructure to procure a reliable flow of replacement revenue. The concept of Ordinal inscriptions has provided a viable source for revenue, but we are seeing the scalability of not just BTC but also lots of other allegedly scalable blockchains, such as Arbitrum, collapse under the weight of the computationally expensive indexing that inscription-style tokens require.
“But since the market is demanding these fair-launch and globally auditable tokens, we will see a frenzy of blockchain engineers start to tackle the very real scalability challenges that the technology presents. This should lead to rapid technical progress, and a resurgence of people looking at scalable Bitcoin-based chains again – such as Doge, BSV Blockchain and Bitcoin Cash which all have their own, novel methods for scaling up tokens to be traded. So be prepared for an explosion in real-world assets, digital cash and collectable artefacts to begin to go mainstream in the blockchain economy!”
Jean-Baptiste Graftieaux, CEO of Bitstamp
“Whilst 2023 began with the battle of the crypto winter, 2024 signals the beginning of a new era for crypto – one that is transparent, secure, and regulated. As an industry, we’re turning the page on bad actors and setbacks for the industry that have slowed progress and shaken trust.“
“Looking ahead, the EU MiCA regulation will fully come into play in 2024, revolutionising the crypto landscape by providing clarity to institutional investors who are looking to embrace digital assets.“
“Additionally, the approval of a Bitcoin ETF will offer a familiar entry point to crypto for those who have been watching from the sideline, helping to support our goal of mainstream adoption. Furthermore, the upcoming Bitcoin Halving and expanding use cases of blockchain technology further serve as a testament to the promising landscape and opportunities ahead.“
“Tokenisation may also take greater precedence next year, as we’ll begin to see expansion into other assets – such as art, cars and even real estate being traded on-chain – making investing in crypto more accessible and markets more liquid. As tokenisation continues to see interest from traditional finance titans, we’ll begin to see more and more assets being made available through this virtual investment vehicle.
“Our focus at Bitstamp forges ahead as we innovate new ways to serve our customers. We will continue to develop essential products, deliver exceptional customer service, and strengthen trust in the industry, doing our part to make it more accessible, safe and reliable than ever.”
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Tom Griffiths, Managing Partner & Co-Founder of BitCompli
“2024 will see the broader adoption of cryptoasset within institutional investors, globally. This will be expedited if the SEC approve a Bitcoin or Ethereum Exchange Traded Fund (ETF/ETP) in the USA, which is widely expected. Broader adoption of crypto assets, as well as investment in the sector, will be driven by a widely expected Bull Market following the next Bitcoin halving which is due to take place after March 2024.
“Tokenisation and fractional ownership of real-world assets will become mainstream with accelerated adoption from both institutional and retail investors. Tokenisation and fractional ownership will cover a broad range of assets from commodities such as lithium and renewables like grain, as well to real estate, which comes with the additional challenge of being classified as a security.
“The usage of crypto assets as a means of payments will be more commonplace as more of the major credit/debit card schemes will connect to more blockchains enabling near-instant payment transactions as well as technology enabling this method of payment.
“The UK will continue to be a desired hub for legitimate crypto asset registration and regulation.”
Johnny Gabriele, Head of Decentralised Finance at CryptoOracle Collective
“I feel that one of the most compelling developments on the horizon is the tokenization of real-world assets. Imagine your car and house being represented on the blockchain, unlocking a host of exciting possibilities in the ecosystem of credit and lending. In the traditional home-buying scenario, a common pitfall arises in emergencies where you can’t simply sell off parts of your home like the bathroom or garage to cover expenses, so you’re left with the challenge of finding the money or risking the loss of your house.
“Through tokenization, we’ll gain the flexibility to leverage the equity in our assets in innovative ways. This shift could render a 2008-style crash implausible and pave the way for the gradual integration of blockchain and crypto in broader society.”
Peter Wood, CTO at Spectrum Search
“Drawing from my extensive background in the tech industry, particularly as a founder of a licensed cryptocurrency trading platform, I foresee significant evolutions in the crypto space by 2024. The landscape is primed for more refined regulatory frameworks, which will likely lead to increased mainstream acceptance and integration of cryptocurrencies. This could mean more stablecoins pegged to traditional currencies, ensuring greater stability and trust among users.
“Innovation in blockchain technology will continue to be a key driver. We might see advancements in scalability and speed, addressing some of the current limitations of blockchain networks. This could open the door for more complex applications and wider adoption in sectors like finance, healthcare, and real estate.
“Moreover, I predict a surge in the use of crypto for everyday transactions. With my experience in building technology platforms, I can envisage a future where cryptocurrencies are seamlessly integrated into payment systems, making digital transactions more efficient and secure. The intersection of AI and blockchain technology, which I’m currently exploring, will further enhance these capabilities, leading to smarter, more adaptive financial ecosystems.
“Lastly, I believe there will be a greater emphasis on sustainability within the crypto world. The energy consumption of blockchain technology has been a hot topic, and I anticipate more eco-friendly solutions to emerge, potentially revolutionising how we perceive and use cryptocurrencies.”
