The cryptocurrency market in 2024 has witnessed many interesting fluctuations, bringing both opportunities and challenges for investors. Below are the highlights from the past year.
A tumultuous year for Bitcoin
Bitcoin, the first and most important cryptocurrency, has experienced a year full of ups and downs. While there have been impressive price increases at times, Bitcoin also faced strong selling pressure at the end of the year, particularly in December, when the price fell below $92,000. However, after MicroStrategy - a company known for holding a large amount of Bitcoin - bought an additional 2,138 BTC, the price recovered slightly. Nevertheless, the market remains quite bleak, and Bitcoin is expected to end the year with a 4% decline, marking a less than favorable year since 2021.
Altcoins continue to grow and diversify
While Bitcoin has gone through a tough year, many altcoins have shown positive prospects. Ethereum, Binance Coin, and cryptocurrency projects related to DeFi (Decentralized Finance) and NFTs (Non-Fungible Tokens) are still attracting significant attention from many investors. New technologies like Layer 2 on Ethereum or the scalability of new blockchains are also focal points of development in the cryptocurrency space.
Risks and security remain top concerns
2024 was not without unfortunate security incidents. One of the prominent issues was the security problem from Tangem, a cryptocurrency wallet provider, when a vulnerability in their mobile application led to the accidental collection of users' secret keys. Although Tangem quickly addressed the issue, it raised concerns about security within the cryptocurrency community.
The future of cryptocurrency: Cautious but promising
Despite the market facing certain challenges, many investors remain optimistic about the long-term prospects of cryptocurrency. The continuous development of blockchain technology and the increasing interest from traditional financial institutions in cryptocurrency promise an exciting future. It is important for investors to maintain patience and stay informed to make wise decisions.
Overall, 2024 has shown the strengths and weaknesses of the cryptocurrency market. Flexibility, creativity, and caution will be key factors that help investors overcome challenges and fully leverage opportunities in the coming year.
