With 2023 drawing to an end, the crypto market is finally experiencing some relief from years’ worth of slugfest.
The crypto crystal ball predictions also suggest a bright future for the industry. The predictions expect 2024 to be the year for scaling solutions, interoperability, and Bitcoin dominance.
According to the predictions, interoperability solution providers will lead the drive. Names like Robinson Burkey (Wormhole) predict that the next wave of development will be trustworthy, decentralized, and secure interoperability between protocols.
Similarly, Avalanche and Solana will dominate the scaling solutions market. Brian Evans from BDE Ventures expects the networks to lead the market in this regard.
ZK (zero-knowledge) technology will also rule the market, besides interoperability. Burkey believes that the industry is shifting focus from research to application. And ZK technology will fit right in to facilitate the same.
With a halving upcoming, 2024 is set to be Bitcoin’s year. Juan Bruce from DSCVR has pointed out that Bitcoin’s bull run will erase the nightmarish memories associated with FTX. Similarly, Sumit Gupta from CoinDCX and Pratik Gauri from 5ire agree with Bruce.
BTC is currently trading at around $42,509 (at the time of writing), with 13.23% growth in the past month. Seeing as the crypto has several updates due in 2024, Bitcoin price prediction is a popular topic among traders. Many crypto experts expect Bitcoin to break through its all-time high shortly after the upcoming halving.
Even then, Web3 will still manage to make a mark on the financial industry singlehandedly. It is predicted that there will be a 15% monthly growth in dApp activity in 2024. NFTs will also grow, reaching a status of $15.46 billion in the coming 3 years.
However, all this depends on the global regulatory framework. A positive nod from the authorities will push cryptocurrencies beyond their peak. On the other hand, crypto’s volatile nature might be exposed if regulatory frameworks decide to put a leash on it.