VanEck's "15 Predictions for the Cryptocurrency Market in 2024"

Explore VanEck's intriguing 2024 crypto forecast, from Bitcoin's record highs post-U.S. election to Ethereum's robust performance and the rise of Solana.

Understand the future of digital currencies and the major shifts anticipated in the dynamic crypto landscape.

VanEck Announces Its "2024 Cryptocurrency Predictions"

On December 8, 2023, the prominent U.S. asset management company VanEck released its predictions for the cryptocurrency market in 2024. This forecast includes Bitcoin, Ethereum, Solana, and other cryptocurrencies.

The post covers "What Will Happen in the Cryptocurrency Industry in 2024," featuring VanEck's predictions across various sectors, including Bitcoin, Ethereum, Solana, stablecoins, ETFs, NFTs, DeFi, DEXs, GameFi, and cryptocurrency exchanges.

At the time of writing, VanEck predicts that Solana (SOL), currently ranked sixth in terms of market capitalization, will see rapid growth.

They anticipate that by 2024, Solana will be among the top three blockchains in terms of market capitalization, total value locked (TVL), and user count.

VanEck's 2024 Cryptocurrency Market Predictions

1. A recession in the U.S. is expected, but the first physical Bitcoin ETF will also debut. Over $2.4 billion could flow into these ETFs in Q1 of 2024, potentially supporting Bitcoin prices.
2. The fourth Bitcoin halving in 2024 will minimize market chaos, with BTC prices rising post-halving, benefiting low-cost miners significantly.
3. Bitcoin is predicted to reach an all-time high in Q4 2024, influenced by post-U.S. presidential election political events and regulatory changes.
4. Ethereum won't surpass Bitcoin in 2024 but will continue to outperform major tech stocks. Ethereum's market share is expected to face challenges from other smart contract platforms.
5. Post-implementation of EIP-4844, Ethereum's Layer 2 will dominate TVL and transaction volume that is EVM-compatible.
6. The NFT market, led by Ethereum, will see increased momentum in Bitcoin, with the ETH to BTC NFT issuance ratio potentially reaching 3:1 by the end of 2024, a record high.
7. BINANCE will lose its top spot in spot trading, with competitors like OKX, Bybit, Coinbase, and Bitget vying for dominance. Coinbase's futures market may exceed $1 billion in daily trading volume due to regulated index inclusion.
8. Stablecoin market capitalization is expected to surpass $200 billion, a record high. USDC will regain market share through institutional adoption on new Layer 2 chains.
9. High-speed blockchains like Solana and self-managed wallets will propel DEXs to record market share in spot trading.
10. Blockchain-based remittances will promote usage, and "Bitcoin staking" on the Lightning Network will offer yield opportunities through user-friendly staking tools.
11. A blockchain game surpassing 1 million daily players will emerge. Immutable X, with major releases and the Immutable Passport, is poised to climb the market cap rankings, streamline wallet use, and enable broader adoption.
12. Solana's TVL, user count, and market cap are expected to reach the top three, driven by DeFi TVL recovery and ETF interest. Solana’s price oracle, Pyth, might surpass Chainlink's TVS.
13. The adoption of DePin networks, especially Hivemapper and Helium, will increase. Hivemapper will map significant distances, and Helium's 5G network will expand rapidly, offering a cost-effective alternative to traditional infrastructure.
14. New accounting standards will increase corporate cryptocurrency holdings. Coinbase will report Layer 2 revenue growth in line with the Base Protocol. By 2025, major financial institutions may launch semi-public blockchains with public chain connectivity.
15. KYC-compliant DeFi apps led by Uniswap are likely to surpass non-KYC apps, attracting institutional trading volumes and increasing protocol fees, thereby enhancing Uniswap's token value.

The cryptocurrencies discussed in these predictions, including BTC, ETH, SOL, and IMX, are listed on Japanese crypto exchanges, making them relatively easy to trade within Japan.

As 2024 approaches, more predictions from other cryptocurrency companies and experts are expected, making upcoming announcements worth watching.

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