The Next Crypto Bull Market in 2024: How to Make Maximum Profits | Cryptocurrency and Blockchain News
So let’s get started right away!
- important lesson learned
- Increasing adoption, demand, innovation, and speculation in the cryptocurrency space are the main drivers of the bull market.
- The main drivers of the 2021 bull market have been DeFi, NFTs, and institutional adoption.
- The Bitcoin halving, expected in April 2024, has historically triggered price surges that could send Bitcoin above $100,000.
- Choose your altcoins carefully. Start with Bitcoin and Ethereum, diversify, then add potential altcoins like $PIKA that have real-world applications.
- Among competing altcoins, $PIKA stands out as a coin expected to skyrocket due to its low barrier to entry and 30x smaller market cap than rival GameFi Ventures.
What is a cryptocurrency bull market and what impact can it have?
The period in which the value and market capitalization of cryptocurrencies such as Ethereum and Bitcoin continuously and rapidly increases is called a ‘crypto bull market’. Increasing demand, adoption, innovation, and speculation in the cryptocurrency industry often fuel market strength. This attracts new investors and enthusiasts. Along with significant financial potential, the cryptocurrency bull market can also present challenges and risks.
The cryptocurrency bull market is bringing greater attention to the cryptocurrency industry from developers, investors, users, and media. This drives further innovation, adoption and regulation. They also bring wealth, opportunity, risk, volatility and competition to the existing financial system. It also poses a challenge to the cryptocurrency community. The history and future of cryptocurrencies are shaped by fascinating, irregular, and significant events known as cryptocurrency bull markets.
Before making predictions about the future, let’s take a look at the historical events surrounding the current cryptocurrency bull market.
Cryptocurrency bull market history overview
Recently, cryptocurrency prices have risen significantly three times. Below we will talk about its effects.
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2013 cryptocurrency bull market
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2017 cryptocurrency bull market
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Blockchain boom in 2020-2021
There was a significant market rally in 2013 when the price of Bitcoin surpassed $1,000 for the first time. This was sparked by media reports and the introduction of the first Bitcoin ATM. Additionally, the growing acceptance of Bitcoin among IT enthusiasts has played a role.
However, this bull market led to a loss of 850,000 BTC on Mt. It was short-lived, with Bitcoin falling after the Gox attack. The 2013 bull market led to the emergence of other cryptocurrencies, including Dogecoin (DOGE), Ripple (XRP), and Litecoin (LTC).
The second significant Bitcoin boom occurred in 2017, when the price of the coin reached an all-time high of nearly $20,000. This was triggered by the emergence of Bitcoin futures contracts. It has also played a major role in the growing acceptance of cryptocurrencies by celebrities, merchants, and institutional investors.
During the 2017 bull market, ICO (initial coin offering) mania rose to prominence. Hundreds of new projects and tokens have been launched on the Ethereum network. But this bull market came to an abrupt halt in 2018. Market manipulation, security failures, and regulatory uncertainty caused Bitcoin price to plummet 85%.
There has been the third and most recent Bitcoin bull market since late 2020. In November 2021, the price of Bitcoin surpassed $67,000, breaking all previous milestones.
This has been fueled by the growing acceptance of Bitcoin by mainstream organizations such as PayPal, MicroStrategy, Tesla, and Square. Additionally, interest in NFT (Non-Fungible Token) and DeFi (Decentralized Finance) is increasing. Stablecoins and layer 2 solutions were among the new technologies that emerged during the 2020-2021 bull market.
What Could Start the Next Bitcoin Boom?
Four key factors listed below are likely to trigger a bullish trend in digital assets this year.
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Bitcoin halving event
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Upgrade to Ethereum Dencun
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Upgrading to Web3, Interoperability, and DeFi
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Global institutional engagement and regulatory events
- The approval and introduction of a spot Bitcoin exchange-traded fund (ETF) in the United States could increase liquidity and demand for BTC by providing investors with a more practical and easily accessible means to gain exposure to the cryptocurrency.
- Numerous countries and regions are embracing and implementing policies and legal frameworks favorable to cryptocurrencies. For example, El Salvador’s Bitcoin law established Bitcoin as legal tender. Likewise, the European Union’s Markets for Cryptocurrency Assets (MiCA) Regulation seeks to establish a comprehensive and harmonized regulatory framework for the cryptocurrency industry.
- Bitcoin and other cryptocurrencies are now included in the balance sheets, services or products of companies such as PayPal, MicroStrategy, Tesla, Square and JPMorgan, thanks to the participation and investment of important financial and corporate organizations.
Bitcoin halving occurs every four years and is one of the most anticipated events in the cryptocurrency world. This lowers the block reward for miners by 50%.
The block reward will drop from 6.25 BTC to 3.125 BTC in April 2024, the next Bitcoin halving. As a result, Bitcoin’s annual inflation rate decreases from about 1.74% to about 1.1%, making it one of the rarest assets in the world.
Crypto halvings have historically been the driving force behind cryptocurrency bull markets, with supply shocks driving up both the price and demand for Bitcoin. The stock-to-flow model compares the supply of Bitcoin to new production to determine how scarce Bitcoin is. It is predicted that a halving event could push the Bitcoin price above $100,000 by 2024. Given that Bitcoin is the most well-known and powerful cryptocurrency, halving events often have a knock-on effect that is beneficial to other cryptocurrencies as well.
However, halving Bitcoin does not guarantee cryptocurrency strength. There are other variables that can affect the economics of cryptocurrency supply and demand. These include mining difficulty, network hash rate, transaction fees, market sentiment, and external events.
The Ethereum Dencun upgrade, the final phase of the Ethereum 2.0 plan, is another important event that could trigger the next cryptocurrency boom.
The goal of Ethereum 2.0 is to improve the scalability, security, and efficiency of the most popular platform for DeFi, smart contracts, and decentralized apps.
It also inherently improves the scalability and throughput of the Ethereum network, allowing it to handle hundreds of transactions per second. It also supports more users and apps. Dencun updates may impact cryptocurrency markets.
Three essential ideas – Web3, interoperability, and DeFi – have the potential to spark the next cryptocurrency boom. This promotes innovation and exploitation in the market. These ideas are connected because they support and strengthen each other. They create a positive feedback loop that promotes the expansion and development of the cryptocurrency industry.
Web3 gives users greater control over their data, identities, and assets. Secure, resilient, and interoperable apps in an open, transparent, and democratic environment. New industries and paradigms such as Metaverse, NFT Games or GameFi, Fan Tokens, and NFTs are also made possible through Web3. These innovations provide users with new experiences and opportunities. This gives developers and creators new ways to make money and add value to their work.
Interoperability expands the network effect of the cryptocurrency ecosystem by allowing consumers to access a wider range of services and apps across multiple networks and developers to create more complex and creative applications that leverage the unique capabilities of each network. . By reducing barriers to entry and exit of new initiatives and participants and fostering the creation of new solutions and paradigms, interoperability also fosters innovation and competitiveness.
Government and regulatory actions and decisions that affect the laws, regulations, policies and enforcement of the cryptocurrency industry are called regulatory events. The participation and participation of famous and respected organizations and institutions such as banks, corporations, funds, media, etc. that function in the existing financial and economic sectors is called institutional participation.
Ultimately, by lowering the risk and uncertainty associated with cryptocurrencies, institutions and laws can increase market trust and legitimacy in the industry. Further clarification and guidance may be provided as the rights and responsibilities of market participants are defined and established along with industry best practices.
Additionally, institutional participation and legislative development could lead to greater awareness of the potential of cryptocurrencies, which could lead to increased integration and acceptance.
Here are a few examples of how institutional involvement and regulation can spark a cryptocurrency bull market.
conclusion
All things considered, the next cryptocurrency boom may already be in sight, given past trends and recent developments in the sector.
2024 could be a good year to invest in cryptocurrencies, especially low-cost options like PIKA, DOGE, and SHIB. Because the possible profits can greatly exceed the risks.
Before making a decision, investors should do their research and keep in mind the volatility and uncertainty associated with cryptocurrencies. Cryptocurrency is not only a financial asset, but also a social and technological phenomenon with the potential to change the world in the future. As a result, it is essential for individuals to remain knowledgeable and engaged in their communities to stay ahead and improve future predictions.