These Are The Cryptos To Watch in 2024!
It’s getting harder and harder to overstate just how massive 2024 is shaping up to be for crypto. January alone is going to be a month to remember, with the likely approval of spot Bitcoin ETFs by the SEC, the testnet phase of Ethereum’s Dencun upgrade and even a possible rate cut by the Fed. And all this long before we get to the halving in April.
It’s safe to assume then that 2024 is going to be a year in which you want to be paying close attention and one of the main areas to focus on is going to be the narratives that will drive the crypto market forward. Identify these and you’ll be booking yourself a ticket to the moon.
Fortunately, today’s video is geared towards helping you do just that. In it, we identify what we believe are going to be the dominant narratives of the coming bull market. We also look at when these narratives might begin to play out and some of the cryptocurrencies which could stand to benefit. As 2024 gallops towards us, this is a video you’ll want to make sure you’ve seen and taken note of.
You can watch it right here.
📈 Crypto Market Forecast 📈
It’s time for the Santa rally. For those unfamiliar, the Santa rally occurs during the last week of the year - the week of Christmas leading up to the new year. It’s a seasonal phenomenon which, of course, has historically resulted in lots of gains. Assuming history repeats, crypto and stocks could be in for another big, green week.
This makes perfect sense from a crypto perspective given that Bloomberg ETF analysts still believe that the SEC will approve the spot Bitcoin ETF by January 10th. Given that all the people who could cause trouble for the crypto market are on holiday (namely the regulators and politicians), it seems more than likely that crypto will continue to rally into January.
This begs the question of which cryptos will rally the most. The answer seems to be cryptos in Ethereum’s ecosystem. This is because Ethereum developers finally confirmed that January 17th is when Ethereum’s Dencun upgrade will occur. This upcoming catalyst is likely to fuel ETH and its L2s, and it appears that some L2s are already pumping in anticipation.
Watch our recent Ethereum update if you want to understand why.
Now, although things are looking quite bullish on the crypto front, the same can’t be said for the macro front, particularly the geopolitical situation. As some of you may have heard, militant groups are attacking ships in the Red Sea. This is reportedly causing significant inflation, given that the Red Sea route is key for international trade.
At the same time, tensions between the US and China appear to be escalating. In case you missed the news, US authorities are starting to investigate Chinese microchip manufacturers, and are reportedly considering restrictions, namely tariffs. This could cause more inflation for certain goods and services, which ties into the biggest macro factor of all.
As almost all of you will know, the Fed has effectively confirmed that it will begin cutting interest rates next year. This has been one of the biggest contributing factors to the recent rally in stocks, and it has likely contributed to the crypto rally as well. Obviously, any sustained increase in inflation due to supply chain issues could delay these rate cuts.
All things considered though, the macro situation is looking stable, even positive for crypto over the next few months. As pointed out by macro analyst Andreas Steno Larsen, the continued drain of the Fed’s reverse repo facility is essentially increasing liquidity in the economy, and tax bracket changes in early 2024 in the US will likely increase consumption.
Meanwhile, there are expectations that central banks elsewhere around the world will begin cutting interest rates sooner than the Fed, despite their claims to the contrary. That’s simply because the economies of the UK, Europe, and even China have been struggling. As we all know, the only solution to this problem is to print more money, which will happen eventually.
The caveat is that when this money printing comes back, it will likely be spent on ideological things that nobody wants, be it war or otherwise. If you watched our video about why inflation is destroying everything, you’ll know that the ability to create money out of thin air lies at the heart of most of the world’s problems, including things like climate change.
So, while the money printing will likely cause crypto to pump, expect to see dystopian and wasteful ideas simultaneously implemented. The silver lining is that pumping crypto prices will result in actual fundamental growth, and bring us closer to a world where crypto can replace the corrupt systems we currently have. Let’s hope that’s a story for 2024.
Speaking of which…
🔮 2024 Crypto Predictions 🔮
It’s December, which means it’s time for the annual crypto prediction reports to start rolling in for 2024. And boy do we have quite a few already.
We figured it’d be a good idea to review some of the common major themes in these reports and break them down for you. As part of this, we will be looking at the following five reports from: Messari, Bitwise Investments, a16z, Spartan Group and Coinbase.
First, of course, the king of crypto assets - BTC.
Bitcoin has already posted an impressive 150%+ recovery rally this year. However, the reports unanimously suggest that there is more to come in 2024. Specifically, they predict that a face-melting Bitcoin rally is on the cards before we see a broader crypto boom.
Typically, Bitcoin dominance rises before falling during the bull market rally. Messari suggests that at current dominance levels of 54%, there is still room left for BTC dominance to go up before falling.
Almost all reports collectively agree that this will likely be led by an ETF approval which will see more accumulation of BTC. Coinbase also notes that 2023 saw BTC solidifying its position as a “safe haven” asset during the US regional banking crisis and other global geopolitical tensions. This means that, even without an ETF approval, BTC dominance will likely rally in case there is some form of macro stress.
Additionally, Bitwise notes that Bitcoin’s upcoming halving event will likely contribute to a further price increase since the halving will result in a $6.2 billion (at current prices) reduction in new BTC entering the market each year. However, both Messari and Coinbase believe the next halving is less about the positive supply shock and more about the simplicity and consistency of the message – that is, less Bitcoin equals more scarcity.
Put simply, the 2024 halving event will see BTC emissions go from 3% to 1.5%. Now, a practical mind will tell you that this is far less impactful than the 2012 halving, which saw BTC emissions drop from 25% to 12.5%. However, as both reports note, the halving is free, powerful marketing.
Coming to price predictions, Bitwise predicts that BTC will trade above $80,000 and set a new all-time high in 2024. While Messari does not make an explicit price prediction, it believes BTC could easily outperform other established asset classes once again in 2024. It also claims that BTC will eventually reach parity with gold, the projected price at that point is over $600,000 per BTC.
As for Ethereum, the market’s second-largest asset by market cap, Messari professes a somewhat neutral outlook. It states that the long-term investment case for ETH looks more like Visa or JPMorgan than Google or Microsoft. This means that while Messari believes ETH will likely still hold a top place in the crypto rankings, it’s more susceptible to losing a chunk of its market share to other, competing L1s and L2s, including Solana.
Conversely, almost all reports (including Messari’s), agree that from a developmental standpoint, Ethereum the chain looks more bullish than ever. The primary catalyst highlighted by the reports is Ethereum’s Cancun-Deneb (“Dencun”) fork which is expected to go live in Q1 2024. Specifically, the Cancun fork will implement EIP-4844 or protodanksharding, which is expected to reduce transaction costs on rollups by 90-99%. Bitwise believes this will pave the way for major product ideas like micropayments, social media, and largescale gaming to become possible.
Outside of these two major assets, all reports unanimously agreed on the potential of two major verticals in the crypto ecosystem - blockchain-enabled AI and modular blockchains.
Starting with AI and blockchains, Spartan, a16z and Messari believe blockchain tech will act as the ultimate guardrails and transparency layer for AI. Specifically, Messari believes blockchain tech will allow for timestamping and verifying devices and data, helping identify deepfakes. A16z on the other hand sees blockchain enabling credible neutrality for programs or games built by AI technology.
Speaking of which, another bullish AI blockchain development highlighted by the reports is the adoption of crypto as the ‘internet currency’ used by semi-autonomous AI “agents” - digital assistants that help users execute specific tasks. Bitwise predicts this adoption of cryptocurrencies by AI agents could begin on a small scale in 2024.
As for modular blockchains, the reports indicate reserved optimism for the adoption of the technology. Specifically, a16z believes the modular blockchain’s quality of extending and strengthening network effects will be its primary advantage. Notably, the Spartan report highlights that the composability of modular blockchains allows them to be used by a wide range of users who aren’t even aware that they are relying on them at the back end of applications.
However, Coinbase notes that the rise of modular blockchains may not mark the complete end of blockchains with monolithic architectures. Specifically, it points to the resurgence of Solana as a prime candidate for the persistence of existing monolithic incumbents.
So, there’s an overview of what some of the smart folks out there see lying ahead of us for the coming year.
However, if you’d like to know Coin Bureau’s predictions for 2024, we would suggest you keep your eye out for a video that will drop next week. We promise we’ve got some unique and unexpected reveals - it will be well worth the wait.
👕 Coin Bureau Store XMas Gifts 👕
If you are like us, then you may be scrambling around trying to get that last minute Christmas gift. Or perhaps you think that you deserve a little something special to treat yourself for hodling through a crazy year.
Well, in the Coin Bureau store you’ll find a wide array of merchandise ideal for the crypto fanatic. Some of our festive favourites include:
* A Bitcoin laptop sleeve - idea for those that are true BTC believers
* Crypto themed socks - the perfect stocking filler
* Ethereum towel - for those planning to escape the winter
* HODL candy cane t-shirt - for the true hodlers
* BTC evolution hoodie - the hoody of choice for BTC converts
If you can’t quite decide what gift to get but still want to treat someone to some crypto merch, then the Coin Bureau e-gift card is just for you. Let them decide what crypto merch to rock in the new year.
🔮 Video Pipeline 🔮
* Coin Bureau Predictions in 2024: Our Top 10 List
* Bitcoin Ecosystem Report: Finding the next 100x on BTC!
* K33 Report: 2023 Review & 2024 Predictions
* Top 10 Ways To Avoid Rug Pulls!
* Digital IDs: They Are Coming Your Way
🏆 What's New at CoinBureau.com This Week? 🏆
✅ Best Solana Staking Pools in 2024: Where to Stake SOL!
✅ M6 Labs: ETF In Three… Two….One…MOON
✅ ELLIPAL Titan 2.0 Review 2024: Safe Hardware Wallet?
✅ CBDC-Free Zones: Which Countries Are Safe?
📖 Quote of the Week 📖
It’s the most wonderful time of the year. And, while the crypto community is in a joyous mood about good tidings, those in DC are seething. The recent antics by Liz Warren & Co remain testament to this. But what do they know anyway?
“The Supreme Court has ruled that they cannot have a nativity scene in Washington, DC. This wasn't for any religious reasons. They couldn't find three wise men and a virgin” - Jay Leno
Team Coin Bureau
Disclosure: Authors may own cryptoassets named in this newsletter. These are unqualified opinions, and a Coin Bureau newsletter, is meant for informational purposes only. It is not meant to serve as investment advice. Please consult with your investment, tax, or legal advisor.
Guy is one of the founding members and face of the Coin Bureau. Like many of us, he is just an average joe who became “crypto curious” back in 2013. After recognising the potential of blockchain technology, Guy set off on a mission to create crypto educational content, working with others to start the Coin Bureau website and released our first video on YouTube in 2019. You can learn more about him in his Who is Guy? blogpost.