Cryptocurrency, a potential source for secure, transparent, and borderless transactions, is gaining popularity day by day. However, the rapid development of cryptocurrency makes it hard to predict future crypto trends. As developers dig deeper into the technology, more new features become available to the general public.

However, according to CoinMarketCap, the analyst predicts that cryptocurrency will hit $8 trillion by the end of 2025. However, this proved that the cryptocurrency trend is going nowhere soon.

But how would you keep up with rapidly changing trends in cryptocurrency? In this blog post, we will take you through the popular crypto trends of 2024.

So, let’s get in!

Bitcoin Developments

In 2024, Bitcoin is expected to maintain its place in the crypto market, with a projected value above USD 30,000 despite potential economic uncertainties. However, a noteworthy event on April 22nd, 2024, named the "4th Bitcoin halving," will halve Bitcoin's mining incentive, occurring roughly every four years or every 210,000 transaction blocks. Historically, this event has driven up Bitcoin's price due to the simple supply and demand dynamics. With the incoming supply of new bitcoins reduced by half, the demand is predicted to rise.

However, Bitcoin halving events impact the cryptocurrency's price by constraining its supply, creating scarcity, and driving investor interest. This scarcity factor and increased demand often result in a positive price trajectory. Additionally, it is very important to understand Bitcoin ETFs (Exchange-Traded Funds) here. These investment instruments allow investors to gain exposure to Bitcoin's price movements without directly owning the cryptocurrency, providing a regulated and accessible avenue for traditional investors to participate in the crypto market.

Ethereum and Layer 2 Networks

In addition with Bitcoin, Ethereum is seeing significant updates and continued strong performance solidifying its position in the crypto market. Its Layer 2 networks, like Polygon and Arbitrum, play an essential role in this growth. They offer reduced transaction costs and faster processing, enhancing Ethereum's overall efficiency. Moreover, the increase in total value Locked and transaction volumes on these networks demonstrate Ethereum's importance in cryptocurrency as a whole.

NFT Market Growth

The NFT market is becoming more popular in 2024. This is due to more people knowing about digital art and collectibles on the Ethereum and Bitcoin platforms. Moreover, new games like CryptoKitties, The Sand Box, and many others that use cryptocurrency are also making NFTs more popular.

This increase in activity shows that NFTs are becoming a more significant part of how we use and think about digital items, suggesting a strong future for this type of market and reaching $2,378m in 2024, rising from $1.6m in 2023.

Stablecoins and Transaction Volumes

In 2024, the impact of stablecoins in financial markets is more prominent than ever. These digital currencies, anchored to assets like the US dollar, blend cryptocurrency flexibility with traditional currency stability.

Their growing use in transactions is challenging and even exceeding established systems like Visa, by offering easy and low-cost cross-border transactions without the need for traditional banking intermediaries.

This challenges Visa's conventional model, often requiring higher fees and longer processing times. This surge reflects a shift in digital finance, merging stability with innovation.

People are now choosing stablecoins like USDC and Tether for their reliability and ease of use in a digital environment, highlighting a significant change in how we approach and manage digital transactions and assets.

This trend highlights the evolving nature of digital finance, where traditional concepts meet cutting-edge technology.

Corporate Adoption and DeFi Integration

In 2024, the crypto world sees more companies holding digital assets. This trend is partly due to new accounting rules making it easier for firms to report crypto holdings. Expect Coinbase to lead this change, revealing significant revenue from Layer 2 blockchain activities.

However, Coinbase is like a leader in helping big companies use digital money. Many companies now see Bitcoin as a safe way to keep money and a smart move for their business. Other big companies, like MicroStrategy and Tesla, have already invested a lot of money into Bitcoin.

Coinbase is expected to be a top choice for companies because it makes it easy and safe for them to use digital money. As more companies look for new ways to handle money, Coinbase is there to support them with its strong system and services designed for big businesses. This makes Coinbase a key player in the growing trend of companies using digital money.

Meanwhile, people are talking about a problem with DeFi platforms. These platforms usually don't ask for personal information, but now some are adding KYC checks. This is causing a disagreement in the crypto world.

Some people say it goes against the idea of decentralized finance, while others think it's a good idea to attract big investors. Adding these checks might make it more expensive for users. However, these developments hint at a closer union between traditional and decentralized finance, reshaping how companies interact with digital currencies.

Innovations in the Crypto Ecosystem

Innovations in the crypto ecosystem in 2024 are remarkable, reflecting the dynamic growth of this sector.

One exciting trend is the rise of blockchain games, reaching impressive milestones. According to the report from Newzoo, the number of players worldwide will reach 3.38 billion in 2023, growing by +6.3% year-on-year. The global games market generated revenues of $184.0 billion, with year-on-year growth of +0.6%.

This achievement reflects a shift in the gaming industry, where blockchain technology adds a new dimension to gameplay and player engagement.

Another significant development is in decentralized physical infrastructure networks, known as DePINs. These networks use blockchain technology to create distributed and secure systems for physical infrastructure. DePINs like Hivemapper focus on decentralized mapping, while Helium facilitates decentralized wireless connectivity.

Their potential impact lies in transforming industries by offering efficient, secure, and decentralized alternatives. This growth suggests a broader acceptance and integration of blockchain technology beyond digital assets, impacting various industries and changing how we interact with technology in our daily lives.

SocialFi and AI Integration

In cryptocurrencies, a mix of social media and finance called "SocialFi" is rapidly becoming extremely popular. However, by 2024, it will significantly affect how we communicate online. Platforms such as friend.tech holds significance as a pioneering platform at the intersection of decentralized finance (DeFi) and social networking, encapsulating the emerging trend known as "SocialFi."

In its beta phase, the platform's notable fees highlight high user interest, indicating its potential impact. However, the significance lies in its ability to redefine online interactions by easily integrating financial activities with social engagement.

This marks a departure from traditional platforms, offering users communication and earning opportunities within the same space. This convergence of decentralized finance (DeFi) and social networks offers users unprecedented options to make money while participating in social activities.

Simultaneously, AI's role in the crypto world is expanding. Decentralized blockchains offer an equal but opposite effect to the centralization cryptocurrency trends in AI. They enable global, permissionless markets for AI computations and data, making advanced AI tools more accessible. However, by 2024, blockchain and AI are expected to merge, creating a new era of technological progress.

This union aims to make AI more accessible, safe, and a natural part of our online world. It's about bringing AI's advanced capabilities to the broader public in a secure and user-friendly manner, enhancing our digital lives.

Conclusion

In 2024, the crypto market continues to evolve with significant trends. Key drivers include Bitcoin's robustness, Ethereum's scaling improvements, and a notable resurgence in NFTs, coupled with stablecoin expansion.

Furthermore, the sector is revolutionized by DeFi, enhanced corporate involvement, innovative blockchain gaming, and the rise of SocialFi. Integrating AI with blockchain also heralds a new phase of accessible and secure tech advancements, reshaping finance and technology.

However, you can stay updated on these ever-changing trends through Unbank exclusive guides. Moreover, if you want to invest in crypto, go for Unbank now, as they believe buying cryptocurrency should be as easy as sending a text.

Frequently Asked Questions

-What are the 3 biggest Cryptos?

The three largest cryptocurrencies by market capitalization are Bitcoin (BTC) at $920,144,220,414, Ethereum (ETH) at $280,474,566,927, and Tether USDt (USDT) at $93,696,269,016.

-What is the trend in crypto in 2024?

In 2024, the crypto trend emphasizes enhanced security, regulatory compliance, wider mainstream adoption, growing interest in decentralized finance (DeFi), and the integration of blockchain technology in various industries.