Turbulent as ever for the most part, the volatility everybody banks on being showcased rather consistently, ironically, and a flourish to see out 2024; it’s been another landmark year for cryptocurrencies. The headline act, as ever, was Bitcoin, which soared to over $98,000, and very nearly past the coveted $100,000-mark in the weeks after the US presidential election.
Seemingly eager to keep the good time rolling for all of his Web3 pals, Donald Trump has announced that the US will get the “most pro-crypto treasury we’ve ever seen” when he takes office in January. As Forbes writes, it could spark yet another price boom in the crypto markets. For that to occur, confidence in the market as a whole would need to be high, and based on 2024 so far, that won’t be a problem.
Not Just Bitcoin Having a Good Year
Likely set to bow out of 2024 closer to $90,000 than $100,000, it will still be a huge year for Bitcoin and all of its owners. While Bitcoin continues to get all of the headlines when some upstart meme coin isn’t trending, there are plenty of other viable options that have grown tremendously this year and are primed to enjoy the opening months of next year.
Perhaps the biggest name buzzing around crypto right now is Solana. It enjoyed a 104.6 percent rise in year-to-date performance through to mid-November, with outlets like YahooTech touting it as a potential competitor to Ethereum. It’s become a hit among DeFi projects and NFT marketplaces, giving it a strong footing as more people start to use crypto and invest in the wider scene.
As well as Solana, the hype around Dogecoin is, once again, bubbling up – even to the extent that it surged by over 250 percent throughout the last 12 months. Elon Musk growing in prominence even further and looking set to be a part of the US government in some capacity has propelled the meme coin he previously powered into the mainstream. Shiba Inu, Pepe, Sui, Bitcoin Cash, and Mantra also flew up the charts in 2024.
Adoption and Usage to Power Up Crypto Further
It’s all well and good having people buy crypto for investment purposes, but Bitcoin was made to be used as a payment method, and having more ways to utilize the coins will only help bring more people in and bolster the market. Over the last few years, we’ve seen several crypto-dedicated platforms emerge. Sites like PeerGame specialize in crypto, letting users bet with crypto on hit casino games and then withdraw in crypto.
Similarly, blockchain gaming featuring crypto and NFTs has continued to enjoy growth. While we’re past the initial boom and hype that surrounded games like Axie Infinity, the market is set to see a good amount of growth over the coming years. Averaging over 21 percent each year through to 2030, the market is predicted to be valued at over $600 billion by the turn of the decade.
Throw in other utilities like being able to pay for items in major stores and through online payment providers, like Microsoft and PayPal, as well as it being a very cost-effective way of sending money around the world, and crypto looks set to continue to grow in value for users. This year was big, but next year could be even bigger.
Also Read: Just dipped your toe into the crypto sector?
