---Will Solana continue to outperform ETH as DeFi TVL returns in 2024?---
$SOL is anticipated to ascend to a top-three position in blockchain rankings based on market capitalization, Total Value Locked (TVL), and active user metrics.
This surge in prominence is expected to propel Solana into the competition for spot ETFs, with numerous asset managers submitting regulatory filings. Concurrently, as Solana continues to capture a larger share of the market, there is a viable scenario where Pyth, a Solana-based price oracle, surpasses Chainlink in Total Value Secured (“TVS”).
Presently, Chainlink holds a TVS of approximately $15 billion, overshadowing Pyth's <$2 billion, a dominance primarily established through blue-chip DeFi protocols on the Ethereum mainnet.
However, with the continuous growth of TVL on high-throughput chains like Solana and Chainlink facing challenges in garnering institutional adoption for its LINK token, Pyth is expected to gain substantial market share.
This is underpinned by several innovative features, including its "pull" architecture and a confidence interval system.
Will a breakout blockchain game will finally arrive in 2024?
Blockchain gaming is poised to witness the achievement of at least one title surpassing 1 million+ daily active users, showcasing the anticipated potential in the industry. Among the contenders for this milestone, IMX stands out as a likely candidate to ascend to a top 25 coin by market cap (currently positioned at #42). This ascent is expected to be fueled by the launch of high-profile games like Illuvium and Guild of Guardians in 2024, featuring a well-crafted token system that aligns interests more effectively than many others. According to a recent DappRadar report, the WAX blockchain currently leads the gaming sector with 406,000 daily unique active wallets, with approximately 100,000 engaged in Alien Worlds, a metaverse offering multiple simple games that reward players with the Trillium token. However, it is acknowledged that a substantial portion of these players may be bots engaged in token farming due to the simplistic nature of the games. In contrast, Immutable, currently at #42 in market cap, has multiple AAA games under development, including Illuvium and Guild of Guardians, with intricate token models designed to prevent easy exploitation.
These well-funded titles, set for release in 2024, have the potential to attract player bases comparable to traditional AAA games like Starfield, which garnered 10 million players within its first two weeks earlier this year. Immutable is also addressing critical technical challenges that have hindered the success of Web3 gaming, notably in wallet management. Their solution, "Passport," enables users to log in to games and manage their blockchain-based game items seamlessly through a familiar single sign-on process, abstracting away the complexities of blockchain interaction. The streamlined experience offered by Immutable, coupled with strategic partnerships with major distribution channels like the Epic Games Store and GameStop, could position a blockchain-based game to finally achieve mainstream success. #Web3GamingFuture#MetaverseGrowth#GamingMetaverse
---Will NFT activity rebound to an all-time high in 2024?---
Monthly NFT (Non-Fungible Token) volumes are poised to achieve a fresh record high as cryptocurrency speculators re-enter the market, showing a preference for leading NFT collections on $ETH , enhanced crypto games, and innovative offerings based on $BTC .
Despite Ethereum's historical dominance with a nearly 50-1 ratio over Bitcoin in primary NFT sales, the Ordinals protocol for Bitcoin and the emergence of layer 2 chains on the Bitcoin network are expected to contribute to a sustained resurgence in Bitcoin network fees.
The ratio of primary NFT issuance between ETH and BTC is projected to converge closer to 3-1 by the end of 2024. Stacks (STX), a smart contract platform secured by Bitcoin, is anticipated to ascend to a position within the top 30 coins by market capitalization, currently positioned at 54th place.
---Bitcoin will make an all-time high in Q4 2024---
In the latter part of 2024, $BTC is anticipated to face significant challenges, reminiscent of a formidable obstacle. The global voter turnout for legislative and presidential elections is projected to surpass 45% in 2024, marking a historic peak.
This heightened level of political engagement suggests an environment of increased volatility and the potential for substantial policy shifts. Notably, there is growing indication that voters and legal systems are pushing back against the anti-growth stance advocated by the Green lobby.
Following a contentious election that resulted in Donald Trump securing 290 electoral votes and reclaiming the Presidency, there is optimism that the SEC's adversarial regulatory stance may be dismantled.
Consequently, the expectation is that the price of Bitcoin will achieve a record high on November 9th, precisely three years from its last peak. (It's worth noting that Bitcoin experienced a breakout in November 2020, coincidentally three years from its previous high in November 2017.)
Should Bitcoin reach $100,000 by December, an audacious prediction is made that Satoshi Nakamoto could be named Time Magazine's "Person of the Year."
What will happen to Bitcoin ETF Performance in 2024?
The U.S. economy is anticipated to enter a recession in the initial half of the year, driven by a prolonged slowdown in economic momentum and a cooling inflationary environment, rendering the economy more susceptible to shocks. Leading indicators in the U.S. have entered a recessionary phase after 19 consecutive months of declines, nearing a record low. Various late-cycle dynamics, such as struggling retailer shares, weak commodities, softened employment, elevated corporate bankruptcy filings, and an inverted yet steepening yield curve, contribute to the economic concerns. Media references to a "soft landing" have surged, a precursor to official recession declarations. $BTC faced its only U.S. recession from January to April 2020, plummeting 60% before rebounding post-Fed liquidity injection. Similarly, gold tends to decline early in recessions, although its recent upturn underscores demand for non-cancelable hard money, a trait shared with Bitcoin. Given sovereign debt concerns, an expectation exists for over $2.4 billion to flow into newly approved U.S. spot Bitcoin ETFs in Q1 2024, maintaining Bitcoin's elevated price. Despite potential volatility, the Bitcoin price is forecasted to remain above $30,000 in Q1 2024. In approximating Bitcoin ETF inflows, historical ratios from the SPDR Gold Shares (GLD) ETF are examined and adjusted to 2023 dollars. The GLD ETF, launched in 2004, experienced initial inflows of $1 billion in its early days and reached $2.26 billion by Q1 2005, equivalent to 0.1% of the global gold supply. Applying these proportions to the Bitcoin spot market suggests initial inflows of $310 million in the first days of a BTC spot ETF and approximately $750 million within a quarter. Acknowledging the different financial landscape in 2023 compared to the "Dead Ball" era, where interest rates were higher and money supply lower, a logical adjustment is made based on the M2 supply. The ratio of M2 supply from November 2004 to October 2023 (3.23x) is applied, leading to an estimated $1 billion in the early days of a spot Bitcoin ETF and $2.4 billion within a quarter. Extrapolating further to a mature state of the BTC ETF, around 1.7% of the total spot market for BTC is envisioned, amounting to $12.5 billion. Considering Bitcoin's assumed market share gains from gold and increased awareness of debt-driven money printing in 2024, a medium-term estimate projects $40.4 billion in inflows over the first two years of trading. Finally, it is noted that Coinbase charges retail traders a 2.5% transaction fee, contrasting with an anticipated ~10 basis points spread for spot Bitcoin ETFs, potentially catalyzing higher adoption due to a 10x cost reduction in comparison to traditional fees. #BTC!💰#2024Predictions#ETFApproval2024
---How Listed Miners Are Shaping the Bitcoin Market in 2024---
The upcoming $BTC halving in April 2024 is anticipated to unfold smoothly, without significant forks or missed blocks. As the issuance of new coins is halved, miners operating at a loss are likely to disconnect, allowing those with cost-effective power sources to gain a larger market share.
Fortunately, the impact on public markets is expected to be minimal, thanks to the improved financial positions of listed miners, who currently control approximately 25% of the global hash rate, marking a record percentage.
Following a brief period of consolidation lasting from several days to weeks post-halving, during which the market absorbs the additional selling pressure from unprofitable miners, Bitcoin is projected to surpass $48,000.
This level corresponds to the neckline of the head-and-shoulder pattern that was completed in April 2022. While, on average, Bitcoin miners are expected to underperform the Bitcoin price leading up to the halving, the miners with lower operational costs such as CLSK and RIOT are anticipated to outperform their counterparts.
Furthermore, post-halving, there is an expectation that at least one publicly traded miner will experience a tenfold increase in value by the end of the year.
5 Best Coins to Watch Closely for the Next Crypto Bull Run 💵
🔎With Bitcoin surpassing the $42,000 threshold, crypto enthusiasts are now eyeing the potential stars of the upcoming bull run. As Bitcoin continues its triple-digit surge, the broader crypto market shows signs of robust growth, creating an opportune moment for enthusiasts to explore exciting cryptocurrencies beyond BTC. Here are the 5 Best Altcoins for the Next Bull Run.
🪩ApeMax (APEMAX) ApeMax has swiftly emerged as a frontrunner among new meme coins, carving its niche in the crypto universe with distinctive features. The coin introduces a groundbreaking “Boost” staking protocol, enabling token holders to stake on preferred entities and potentially earn rewards.
🪩Solana (SOL) Solana stands out for its high-performance blockchain that supports decentralized apps (dApps) and cryptocurrencies. Its cost-effective transaction processing capabilities make it a formidable player in the blockchain space.
🪩Cardano (ADA) Cardano is a blockchain platform aiming to surpass previous protocols in terms of advanced features. Its unique two-layer structure, separating the ledger of account values from transaction reasons, provides flexibility and scalability.
🪩Shiba Inu (SHIB) Initially conceived as a meme coin, Shiba Inu has evolved into a comprehensive ecosystem with huge community support. The ecosystem includes an NFT art incubator and the development of a decentralized exchange, ShibaSwap.
🪩XRP (XRP) XRP distinguishes itself by offering a streamlined solution for international transactions, presenting a cost-effective alternative to traditional methods. With its capability for ultra-fast transactions, XRP is particularly suitable for micro-payments.
Is a Crypto Bull Run Coming? I think that, recent Bitcoin surging to $44,000, could indicate the potential for a bull run.
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