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What awaits the crypto market in 2024?

04 Dec, 2023 9 min read
What awaits the crypto market in 2024?

The entire crypto community anticipates 2024 to come for many reasons. The upcoming Bitcoin halving event is undoubtedly one of the major crypto events in 2024. However, are there any other crypto market players that can outperform BTC in 2024? Let's consider crypto trends for 2024 and the crypto outlook 2024 to make informed investment decisions. 

Will Bitcoin remain the main cryptocurrency in 2024?

The answer depends on risk tolerance, investment goals and market conditions. Conducting thorough research and considering expert opinions is crucial when making investment decisions. 

Bitcoin is considered the most promising cryptocurrency for 2024. As the oldest cryptocurrency, Bitcoin has established itself as the leader in price, market capitalisation, and demand. It has gained widespread acceptance in the mainstream sector, with several countries legalising it as a tender and banks offering Bitcoin investment options. Additionally, many stores and businesses already accept Bitcoin as a form of payment. Bitcoin remains solid, and other cryptocurrencies, such as Shiba Inu, a meme coin outside the top 10 by market capitalisation, are also gaining traction in the cryptocurrency market.

Will any crypto grow bigger than Bitcoin and Ethereum?

ETH price chart
ETH price chart

Ethereum, the world's second-largest cryptocurrency, may be the best choice for investment in cryptocurrency. While Ethereum's trading value is lower than Bitcoin's, it has outperformed Bitcoin in terms of growth and adoption by various systems. Ethereum's rise has far exceeded Bitcoin's from its release date to its sixth year. Bitcoin started trading at $1 per BTC in January 2009 and peaked at $454.36 per BTC six years later. In comparison, Ethereum started trading at $2.83 per ETH in August 2015 and currently trades at $2,061.78 per ETH (as of late November 2023). 

Considering this, it's unlikely that any other cryptocurrency will surpass the growth of Bitcoin and Ethereum during the 2024 crypto bull run. This significant growth has increased Ethereum's popularity and adoption in various systems, including the decentralised crypto ecosystem of NFTs. As a result, it has become attractive for investors to get involved. Bitcoin has a significant advantage over Ethereum, as many institutional investors see it as a "safe haven" asset that can protect them from market volatility.

How high can Bitcoin go in 2024?

BTC price chart
BTC price chart

Bitcoin (BTC) prices could reach their all-time high of over $69,000 by mid-2024 as traders anticipate a volatile and rapid rally. This would represent an 88% increase from the current price of $36,500. Cory Mitchell, an analyst with, shared an optimistic crypto outlook 2024. He explained that Bitcoin tends to experience significant upward movements once it gains momentum, often resulting in hundreds of per cent gains within a year. Mitchell referred to this phase as the "acceleration phase".

Based on historical patterns, Mitchell suggests that substantial gains usually occur around a year and a half after reaching the bottom. Consequently, the near-vertical price surge could resume around mid-2024, considering that Bitcoin hit its bottom in November of the previous year.

Mitchell cited previous instances where Bitcoin experienced remarkable rallies, such as a 1200% increase in approximately 100 days in 2013, a 1900% surge in just under a year in 2017, and a 400% rally in about 140 days in late 2020. However, he also cautioned that there would likely be pullbacks and price declines before reaching new highs.

Despite concerns surrounding bankruptcies within the industry and a generally bearish economic climate, Bitcoin, the world's largest asset by market capitalisation, has defied these fears by gaining nearly 116% over the past year.

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Should I buy BTC or XRP in 2024?

The XRP charts indicate that XRP is a token suitable for long-term holding. Although it's uncommon in the crypto space, the buy-and-hold strategy exists, making it a reasonable investment in cryptocurrency for the long term.

The weekly XRP chart reveals a bullish reversal in the form of a W-shape, which is significant in cryptocurrency terms. The structure of this formation shows higher lows on the right side, making it an extremely bullish chart.

While investors may be eager to see their account value skyrocket, we advise them to be patient. This chart will gradually rise and eventually reach $1.50 and $3. It will surpass $3 at some point.

The key is to let the market do its work, so we recommend giving it time and space rather than actively trading XRP.

XRP price chart
XRP price chart

When comparing the long-term BTC and XRP charts, we observe the following:

  • XRP has more potential for growth. It needs to break out of its reversal, which will happen eventually, although it may take some time. Once it surpasses $1.50, XRP's upward movement will accelerate.
  • BTC also has good potential for growth, but it'll follow a different trajectory compared to XRP. There may be moments when investors perceive BTC as a better opportunity, but eventually, XRP will break out and accelerate its upward movement.

The magical moment for XRP, worth waiting for, will occur sooner rather than later.

Considering crypto outlook 2024, Bitcoin remains a focus for crypto enthusiasts and investors. To understand the future, let's explore key aspects of Bitcoin Forecast 2024.

Bitcoin Price Prediction

Bitcoin halvings, occurring every four years, historically boost prices. As we approach the next Bitcoin halving in April 2024, the block reward will decrease from 6.25 BTC to 3.125 BTC. This event typically leads to price increases for Bitcoin and other cryptocurrencies like Ethereum and altcoins.

Bitcoin has a history of significant downturns followed by winning streaks. For example, after a 61% drop in 2014, Bitcoin saw three consecutive gains from 2015 to 2017. Similar patterns emerged in subsequent years, with downturns followed by gains ranging from 60% to 302% through 2021.

In the previous Bitcoin bull market cycles, the second year had the strongest performance, with an average annual gain of 213%. Applying this trend to the current Bitcoin price could lead to a new high by the end of 2024.

While predicting yearly price movements is challenging, industry experts maintain a bullish long-term outlook for Bitcoin.

As we enter 2024, the crypto community closely monitors crypto trends and events 2024, eagerly anticipating how Bitcoin's price and market dynamics unfold while keeping an eye on potential regulatory developments.

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Changes in crypto regulation in 2024. Will this affect the market?

The crypto regulatory landscape continuously evolves and will significantly shape the crypto market in 2024. Here are some key insights into the regulatory developments for this year:

  • Positive Momentum in 2023. Despite uncertainties, Bitcoin (BTC) and Ethereum (ETH) experienced substantial growth in 2023. BTC's price has surged over 100% year-to-date, while ETH's has increased nearly 50%.
  • Federal Reserve's Role. Crypto enthusiasts closely watch the Federal Reserve as a potential shift to rate cuts by mid-2024 could alleviate pressure on crypto and other risky assets.
  • SEC's Regulatory Crackdown. The US Securities and Exchange Commission (SEC) has actively regulated the crypto market. However, greater regulatory clarity in the crypto market 2024 may open doors for institutional crypto investments.
  • Landmark Victories. Ripple and Grayscale achieved significant legal victories against the SEC, potentially making the investment in cryptocurrency more mainstream.

As we enter 2024, the SEC and other US regulators are intensifying their efforts to regulate cryptos, particularly regarding classification as securities, commodities, or otherwise. Notable developments include:

  • XRP Classification. In July 2023, a court ruled that Ripple's XRP should not be classified as a security when sold to retail investors on an exchange.
  • Grayscale's Legal Victory. In August 2023, a court deemed the SEC to have denied Grayscale's proposal to convert its Grayscale Bitcoin Trust into a spot Bitcoin ETF (exchange-traded fund) as "arbitrary and capricious".
  • Call for BTC Spot ETFs. Following the Grayscale ruling, several congress members urged the SEC to approve Bitcoin spot ETFs promptly. The SEC has delayed rulings on proposed Bitcoin spot ETFs until January 10, 2024.

Apart from regulatory developments, macroeconomic factors will also influence crypto prices in 2024. The Federal Reserve's interest rate policies play a pivotal role:

  • Interest Rate Hikes. The US Federal Reserve has significantly raised its fed funds interest rate target to tackle inflation. Higher interest rates can slow economic growth and discourage investment in riskier assets like cryptos.
  • Fed's Economic Projections. The Federal Reserve's latest projections suggest another interest rate hike by the end of 2023, potentially impacting the crypto market. If inflation persists and interest rates remain high, crypto prices may have limited upside in 2024.

To navigate the crypto market in 2024, it's essential to closely monitor regulatory developments and macroeconomic factors to make informed investment decisions.

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Which crypto will grow in 2024?

In 2024, Ethereum may experience increased regulatory clarity, attracting more investors and potentially increasing its value. Bitcoin (BTC) and Ethereum are considered safe investments in cryptocurrency for the 2024 crypto bull run, with potentially significant gains. XRP is also recommended for future performance. The best cryptocurrency to invest in in 2024 depends on individual investment goals, risk tolerance, and overall market conditions. Promising options include Ethereum, BNB, Arbitrum, Solana and Dogecoin.

Will 2024 be good for crypto?

Analysts and investors are hopeful about a positive crypto outlook in 2024. Ethereum's performance in the second year of previous crypto bull markets suggests it could have a significant year ahead in 2024. Investing in BTC and Ethereum is considered a secure choice for the upcoming 2024 crypto bull run, with the potential for substantial gains. Adding XRP to your investment portfolio is recommended due to its predicted strong performance.

Will the crypto market grow in 2024?

In 2024, the crypto market is expected to experience significant growth and development. Bitcoin's crypto forecast for 2024 is influenced by the upcoming halving event, which historically leads to positive market sentiment. Ethereum is also projected to see strong price growth and benefit from its successful transition to proof-of-stake. The altcoin landscape, including XRP, adds diversity and innovation to the market. Despite ongoing regulatory discussions, crypto adoption continues to increase. 

Is it Time to Buy BTC Now?

Considering market conditions, Bitcoin appears to be more stable than in years. With the upcoming halving, it may be a good opportunity to invest in Bitcoin, as long as the risks are kept in mind.

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