Markets News Report
December 08, 2023

VanEck Forecasts Bold Crypto Trends for 2024

VanEck Forecasts Bold Crypto Trends for 2024

Prominent investment management firm VanEck released an intriguing set of predictions for the crypto market in 2024. These predictions offer a glimpse into the potential future of digital assets, ranging from economic shifts to technological advancements.

VanEck anticipates the long-awaited U.S. recession to unfold in 2024, but alongside this, the firm expects the debut of the first spot Bitcoin ETFs. This combination of economic downturn and financial innovation could significantly influence Bitcoin’s market dynamics, potentially driving substantial inflows into these newly approved ETFs.

The fourth Bitcoin halving is predicted to occur without major disruptions. VanEck suggests that following a brief period of market adjustment, Bitcoin’s price could surpass $48,000. Additionally, they forecast that Bitcoin will reach a new all-time high in the fourth quarter of 2024, potentially driven by increased political and economic volatility worldwide.

On Crypto Market’s Dominance in 2024

Despite Ethereum’s advancements, VanEck does not see it overtaking Bitcoin in market dominance in 2024. However, they predict that Ethereum Layer 2 solutions will capture significant market share. This is expected to occur particularly post-EIP-4844 implementation, which will enhance transaction efficiency and scalability.

The NFT market will likely rebound to new highs, with Bitcoin-based offerings gaining traction. In contrast, Binance may lose its top spot in spot trading due to regulatory pressures, paving the way for other exchanges to emerge as leaders.

VanEck predicts the stablecoin market will reach new heights, with USDC potentially surpassing USDT in market share. Simultaneously, decentralized exchanges (DEXs) are set to achieve record market shares in spot trading.

A significant blockchain game is likely to emerge, attracting over a million daily active users. Meanwhile, Solana, with its increasing DeFi Total Value Locked (TVL), will likely outperform Ethereum and rise in market rankings.

Hivemapper and Helium, as DePin networks, are expected to gain substantial adoption, actively transforming physical infrastructure through decentralized models. In the corporate sector, new accounting standards could rejuvenate interest in holding cryptocurrencies as treasury assets.

Finally, VanEck foresees a major shift in decentralized finance (DeFi) with the adoption of Know Your Customer (KYC) regulations. This could attract more institutional liquidity and volume to platforms like Uniswap, potentially flipping non-KYC applications in user base and fees.

Disclaimer

In line with the Trust Project guidelines, please note that the information provided on this page is not intended to be and should not be interpreted as legal, tax, investment, financial, or any other form of advice. It is important to only invest what you can afford to lose and to seek independent financial advice if you have any doubts. For further information, we suggest referring to the terms and conditions as well as the help and support pages provided by the issuer or advertiser. MetaversePost is committed to accurate, unbiased reporting, but market conditions are subject to change without notice.

About The Author

Nik is an accomplished analyst and writer at Metaverse Post, specializing in delivering cutting-edge insights into the fast-paced world of technology, with a particular emphasis on AI/ML, XR, VR, on-chain analytics, and blockchain development. His articles engage and inform a diverse audience, helping them stay ahead of the technological curve. Possessing a Master's degree in Economics and Management, Nik has a solid grasp of the nuances of the business world and its intersection with emergent technologies.

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Nik Asti
Nik Asti

Nik is an accomplished analyst and writer at Metaverse Post, specializing in delivering cutting-edge insights into the fast-paced world of technology, with a particular emphasis on AI/ML, XR, VR, on-chain analytics, and blockchain development. His articles engage and inform a diverse audience, helping them stay ahead of the technological curve. Possessing a Master's degree in Economics and Management, Nik has a solid grasp of the nuances of the business world and its intersection with emergent technologies.

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