Is Crypto Dead in 2024: A Look at the Industry

January, 18th 2024

crypto dead

A detailed look at the crypto industry, different organizations and individuals suffers from the rising issue of crypto scams, a primary reason behind crypto downfall. The path towards investing in cryptocurrency has been much slower, but the progress is a fact. For instance, Ethereum has set a standard globally, and the trend for allowed chains, although not dead, is progressively breaking down. In the previous year, scammers pilfered almost $4 billion of Bitcoin and other cryptocurrencies. Another considerable concern is the trouble in comprehending how blockchain works, and what are Web3, coins, tokens, and NFTs. This article delves into every single detail about answering the question “Is Crypto Dead”. Let’s explore every perspective thoroughly!

What’s the Predicted Crypto Market?

The exact prediction of the cryptocurrency market in 2024 is impossible to elaborate. As the crypto market continues to evolve, certain questions need to be addressed. However, the analytical report claims the peak year of the global crypto market was 2021 with over $2.8 trillion. In the fall season of 2022, a sudden drop below $800 million was apparent. The chapter doesn’t end here, the crypto market recovered to $1.7 trillion as entered into 2024.

The unusual financial movement has left some people asking “Is Crypto Dead” or this is just a rumor and the future is bright. Suppose the answer to this question “Is Crypto Dead” is a single word “Yes”. What can happen globally? The crypto community is a leading component holding the back of crypto’s functions. So, it would be disastrous to the perspective of the industry, because crypto mining (Bitcoin) is the major source of income. If only Bitcoin is dead, the whole crypto market could be susceptible to going through the same fate.

Back to the current market, a bit of a slump was visible since the run revolving around Bitcoin ETFs and Ripple’s partial victory in legal action against the SEC. In comparison with 2023, a great decline in venture capital funding to Web3 up to 76% in Q2 was seen. Taking into consideration the bigger picture of the crypto industry can address the question “Is Crypto Dead”.

Challenges to the Crypto Industry in 2024:

The crypto industry is facing certain challenges, but the overall results are positive and the future of crypto seems bright. Let’s have a look at these challenges of 2024 for the crypto industry.

Privacy Concerns:

Certik’s latest report, based on blockchain security, hackers are prevailing with stealing over $300 million in Q2, as of 2023. But now, companies investing in cryptocurrency are leading towards minimizing these threats and bestowing security.

Regulatory Uncertainties:

To enhance regulatory clarity, the governments of all countries are striving hard to regulate crypto efficiency. The European Union and the United Kingdom are implementing the Mica framework around cryptocurrencies in the U.S.

Market Inconstancy:

Crypto markets are volatile, in comparison with the conventional asset classes like stocks. Cryptocurrenciesare a revolutionized new capital class, restricted market size, and price alterations.

Where Cryptocurrencies Stand in the Future?

The future of crypto in the future seems growing with particular events like Bitcoin halving in April 2024, which has become a center of attraction for thousands of organizational investors.

Increasing Organizational Interest:

Organizational investors are keen to invest in cryptocurrencies. During 2023, BlackRock, Ark Invest, Fidelity, and other leading institutions filed applications to establish Spot Bitcoin ETFs (exchange-traded funds). For instance, the first Bitcoin ETF was founded in Europe, handled by London-based Jacobi Asset Management, trading following the ticker Bitcoin and imposing a 1.5% management fee per year to investors.

Segregation and Economical Incorporation:

Cryptocurrencies provoke financial incorporation by granting freedom to people (banked and underbanked) with extreme economic independence. By declining the dependence state on conventional organizations and allowing access to other economic services, cryptocurrencies are tending towards digital empowerment.

Technological advancements:

Blockchain technology, the major force behind cryptocurrencies, is revolutionizing with innovations across various perspectives. The conventional concepts of making money is reshaping with the latest innovations and concepts such as decentralized finance (DeFi), non-fungible tokens (NFTs), and smart contracts. The former concepts of art, money, and digital capital have been replaced.

Is Crypto Dead in 2024- A Fact or Rumor?

A stretch of the crypto market may appear to be slow at the instant, but it's a long way from being dead. Occupy we may find individually in a crypto winter, made distinctive by price recollect, reduced trading volumes, and sensation of disquiet, it’s crucial to recognize that this is a cyclical particular of the crypto space. The crypto ecosystem is still in its former stages, and as such, it experiencing steps of enormous animation and reinforcement, further put up to its growth and progress. And therefore, we can dauntlessly assert that crypto is not dead; it’s simply in the process of development.

Considerable Aspects of Crypto Market:

Undoubtedly, the crypto market is facing several challenges at this time. Let’s dive into crypto’s ecosystem to monitor the current state of the crypto industry.

Extending User Base:

The number of crypto users is increasing quickly day by day. As of 2023, crypto occupies a user base of over 420 million globally. Several factors contribute to this regard, including a rising number of businesses accepting digital payments, the growing availability of crypto exchanges and wallets, and increasing awareness of the advantages of crypto and Web3.

Stunning Market Capitalization:

The market capitalization for all cryptocurrencies either Bitcoin, Ethereum, or else, has crossed an astonishing $ 1.3 trillion in July 2023. This level is a piece of evidenceof the growing adoption of crypto, not only among organizations but among investors from all over the world.

Elevated Active Wallets:

Compared to the number of active wallets (5 million) in 2020, the current number of active wallets is more than 17 million.

Manifold Ecosystem:

In comparison with the only 15 listed in 2013, there are over 22,000 cryptocurrencies have appeared in the market.

Instant Transaction Growth:

If look at 36 million transactions per month 3 years ago, now the number of transactions per month has increased up to 900 million. The rising concern “Is Crypto Dead ” is not justified.

Boosted Market Demand:

The worldwide blockchain technology market is predicted to exceed $469.49 billion by 2030.

Bitcoin and Ethereum superiority:

Bitcoin dominates 49% of the crypto market capitalization, while Ethereum stands strong with a market capitalization dominance of 19% in August 2023.

According to statistics, crypto adoption is growing andleading to the evolution of the blockchain industry. But at the same time, it’s worth noting that Bitcoin has a record of disclosing as dead 474 times, as claimed by 99Bitcoins. That’s the emergence of the different challenges and volatile nature of the crypto market, we come up with a question before investing in crypto “Is Crypto Dead”.

Final Words:

In conclusion, “Is Crypto Dead” has become a rising question of the year. Because of the recently occurring downfall, the crypto market can’t move towards death. This article is a thorough guide on the current crypto market situation, covering everything that’s a must to know. So, get rid of the fear that the crypto market will fade away and all your investments will be ruined by time. I hope this article will prove beneficial in resolving your concern “Is Crypto Dead”.