One of the predictions for 2024 is the emergence of at least one innovative blockchain game that will exceed one million daily active users as Web3 games continue to compete for widespread adoption.
Asset manager VanEck has made 15 forecasts for the crypto industry in 2024. In what he calls a “speculative expedition,” the New York-based firm touches many corners of the cryptoverse with mentions of the highly anticipated spot ETFs. bitcoin, nft peak season, and KYC regulations in DeFi.
A Relatively Smooth Fourth bitcoin Halving and New btc ATH in Q4
VanEck predicts that the fourth halving of the world's leading cryptocurrency will take place “without a major fork or lost blocks.” The event, expected to take place in April 2024, will be followed by a consolidation period that could range from a few days to several weeks. bitcoin after consolidation is projected to reach $48,000, while at least one publicly traded miner is expected to grow 10-fold by the end of the year.
Another prediction related to bitcoin is that the price of the cryptocurrency could reach a new all-time high (ATH) during the fourth quarter of the year due to the “high volatility and the prospect of significant changes” caused by the US presidential elections on November 5 .
Binance will lose top spot trading position
Following its $4 billion settlement with US regulators, global cryptocurrency exchange Binance is expected to succumb to competition from well-funded rivals such as OKX, Bybit, Coinbase and Bitget for the number one centralized exchange position by volumes.
Coinbase's international futures market could potentially exceed a daily volume of $1 billion, up from about $200 million per day in November 2023.
DeFi reconciles with Know Your Customer (KYC)
KYC-enabled applications, such as those using ethereum Attestation Service or Uniswap Hooks, will gain notable traction and could potentially overtake their non-KYC counterparts in terms of user base and fees. According to the firm:
“The additional volume of KYC-controlled hooks will significantly bolster protocol fees by allowing new participants to participate in DeFi without fear of interacting with OFAC-sanctioned entities.”
bitcoin staking, Solana market cap and DePin networks
Another prediction for 2024 is the emergence of at least one innovative blockchain game that will surpass one million daily active users as Web3 games continue to compete for mainstream adoption. Meanwhile, the decentralized exchange (DEX) market share of spot cryptocurrency trading is projected to reach an ATH “as high-performance chains like Solana improve the on-chain trading experience for users.”
Solana is poised to become one of the top three blockchains by market cap, total value locked (TVL), and active users. The blockchain could then join the ETF spot wars.
Remittances will catalyze a new bitcoin yield opportunity. “bitcoin involvement” is expected to arise from the use of bitcoin and the Layer 2 Lightning Network (LN) by some remittance service providers.
In another adoption prediction, several decentralized physical infrastructure networks (DePin) will gain traction. Hivemapper, the decentralized mapping protocol working on a community-owned competitor to Google Streetview, will map its “10 millionth unique kilometer, surpassing 15% of global road capacity.” This will give the network a speed and cost of capital advantage over Google.
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