Welp, the crypto market is not doing so hot now. After having a great year in 2021, it unfortunately suffered from a major crash in 2022, and 2023 didn’t do much to get it back on its feet.
But will 2024 finally be the year when it comes back? We can only postulate about this as nothing is guaranteed, be it in the crypto market or any other. But keep reading to find out what we think.
How Cryptocurrencies Started Off
For anyone interested in fintech, they’d have heard about crypto a very long time ago. But for those who are not part of this industry, they’d have started hearing about it sometime between 2010 and 2014, with its true peak in popularity still very recent.
We’d say that sometime around 2020, it seems like everyone turned to crypto as the new ‘it’ investment asset. Everyone started following bitcoin news to find out more about this innovative coin. Everyone wanted to know whether the market was bearish or bullish, trying to maximize their digital assets.
Honestly, we can understand why and can easily see the appeal. Without the government or banks having any control over any cryptocurrencies, it has primed itself as the way to seize control of our funds in a modern way.
In fact, its decentralized nature also appeals to those who strive for anonymity and security. Sceptics of the old-fashioned banking systems no longer had to hide their money in the bed or plants, they could instead choose to go for a far less messy and secure option.
Moreover, since everything is on a very public ledger, it’s almost impossible to tamper with it. Plus, it is all accessible on your PC and phone, so no queues, no hassle – nothing. Just instant convenience, no one can dispute the charm of this.
However, there has been pushback, mainly from the older generations that are leading most countries. Governments worldwide are not very happy with this new digital currency, regardless of this, there has been legislation to implement it and regulate it, with some countries, like Venezuela, openly embracing it as an official currency.
And its popularity has caused companies worldwide, from Microsoft to Subway to accept it as a payment method, which further legitimized it. However, as popular as it is even now, it has been heavily impacted by global events, government pushbacks, and other factors. 2021 was a good year, 2022 and 2023 – not so much with a lot of people selling at a loss, but what about 2024?
Will 2024 Bring Crypto’s Resurgence In Popularity?
So, as we mentioned above, cryptocurrencies suffered a major drop in 2022. But as any investor will know, such drops are inevitable, regardless of what exactly caused it, nothing can stay at the top and not be affected by different elements.
When it comes to crypto, over the years, it has generally shown an upward trend, with its drops merely being temporary setbacks. To be honest, the 2022 crash was not its first, the most notable one was back in 2018, when Bitcoin fell from around $19k to a mere $6k per Bitcoin.
In fact, a lot of people consider the 2022 crash as not a crash per se but a market correction. As Bitcoin reached the incredulous high of $69k in 2021, it was quite obvious that it wouldn’t be permanent.
As such, although crypto is under a much more scrupulous microscope than the stock market, the numbers are not taken from thin air. They are impacted just like every other currency and asset in the same way.
After all this, the popularity of these assets hasn’t been impacted in a detrimental way. Regardless of where you get your news, be it on the TV or on a reputable TikTok news source, you’ll hear something or other about crypto.
You cannot escape it, especially as most of its investors are millennials and Gen Zers, the younger generations that will take over after Gen X in the near future. And with more courses popping up on platforms like Udemy and more podcasts talking about it, it just goes to show that people are interested in digital currencies – regardless of its current state.
The Bottom Line: Volatility In The Crypto Space
So, back to the original question, will crypto have a better 2024? Okay, the answer is not very straightforward, but what is in life? The only thing we know for now is that the cryptocurrency market has been very volatile – from the beginning of its inception.
What we do have to say is, that whatever goes up, goes down, and vice versa. So, even though 2023 was not its comeback year, it does look far more stable than it has in a long time.
This very stability could work as a sort of foundation for 2024, where hopefully, crypto will experience another significant, albeit more reasonable, rise. Of course, this is only speculation, but it is still a possibility.
There’s plenty more to do in the crypto universe, from more mainstream adoption to better legislation, but it is still looking like it’s not going anywhere. Overall, we think 2024 will be a promising year for crypto. So, if you still haven’t invested, and are looking to diversify your portfolio, it’s better to buy when it’s low than wonder if you’ll miss out on the chance of getting in on it.
Barsha Bhattacharya is a senior content writing executive. As a marketing enthusiast and professional for the past 4 years, writing is new to Barsha. And she is loving every bit of it. Her niches are marketing, lifestyle, wellness, travel and entertainment. Apart from writing, Barsha loves to travel, binge-watch, research conspiracy theories, Instagram and overthink.