Key Takeaways:
- Look at the current crypto market’s surge in trading volumes and circulation levels backed by statistics.
- Explore how aspiring business owners can maximize the current buzz in the crypto market to build one of their own.
- Check out the top crypto development business models one can utilize this year to gain immense fame and yields.
The crypto space has been witnessing a massive resurgent phase since the later parts of 2023, as prices of prominent cryptocurrencies have increased manifold. Such upward trends have become the driving force behind the increased adoption of cryptocurrencies in recent months, alongside several crucial events anticipated in the market this year. This blog will focus on the global crypto market’s recent growth and how it will shape various business models present in the space. We will also delve into how launching a crypto venture under such a market environment can lead to phenomenal success in the competitive market.
Crypto Market Growth: The Current Condition
The crypto market in 2024 has already seen immense growth compared to the same time last year, as the market capitalization increased by two times. Such a rapid move was possible only due to the efforts focusing on putting blockchain technology’s goodness in front of cryptocurrency-based endeavors rather than profiting speculations.
- Most of the crypto market’s buzz in 2024 has been centered around pivotal events in Bitcoin that include the debut of spot Bitcoin ETFs in the US stock market and the Bitcoin Halving (scheduled for April 2024). The price of Bitcoin has surged from $39,000 to over $52,000 in the last month, showing the effects these events have had on the market.
- The prices of other cryptocurrencies have also shot up in the last month, with Ethereum, BNB, and Solana seeing their values increase by 18.05%, 11.16%, and 11.12%, respectively. The buzz around these cryptocurrencies has been a direct result of several impactful projects on these networks focusing on different domains.
- Also, the prominence of sub-domains like decentralized physical infrastructure networks (DePINs), artificial intelligence (AI), ERC-404, social media, gaming, and decentralized finance (DeFi) has made the market appeal better in the real world. Noting such points is essential as they contribute to opening the crypto space for real-world applications.
Looking to Leverage the Current Growth of the Crypto Market as a Business??
What Does The Crypto Market’s Rise Convey Us?
With the crypto market rising to stupendous levels after a harsh bearish season, the current line of events has conveyed a lot to us. From resurging interest in several facets to the commendable rise of newer technologies, the preparation for the new bullish season has been exorbitant from end to end.
- More people tend to support projects that can be accessed easily while providing ample benefits in the real world. The emergence of crypto projects based on artificial intelligence (AI) and the internet of things (IoT) and spot Bitcoin exchange-traded funds (ETFs) stands as a testament to the claim.
- The Bitcoin blockchain is more than just a redundant medium for storing digital decentralized money (BTC), as technological advancements have created a full-fledged ecosystem on the network. On-chain exchanges, fungible and non-fungible tokens, marketplaces, games, and even launchpads are now a possibility in Bitcoin, thanks to layer-2 networks like Stacks and on-chain upgrades like Taproot.
- The crypto market has also started to focus increasingly on real-world assets, as shown by the buzz surrounding RWA tokenization in the last few months. There has been an immense increase in the number of use cases for tokenizing real-world assets that have given multiple industries a breakthrough in entering the blockchain space.
Potential Crypto Business Models To Look Out For In 2024
As the crypto market prepares itself for an intense bull run in a few months, it is imperative for aspiring business owners to know the potential crypto venture models that will witness skyrocketing popularity in 2024. We have compiled a list of business models that are expected to attain their peak during the upcoming bull run.
➟ Bitcoin Ecosystem: The Bitcoin ecosystem is projected to garner new levels of adoption as more people are expected to invest in various applications on the network. Token standards like Ordinals, BRC-20, SRC-20, and ORC-20 are projected to become the tall pillars of this ecosystem.
➟ RWA Tokenization: The tokenization of real-world assets is projected to contribute immensely to the crypto bull market due to its transformative role in making everyday processes efficient and transparent. Market researchers have predicted several use cases to rise in prominence.
➟ DePINs: Decentralized physical infrastructure networks (DePINs) are expected to orchestrate a shift in how resources are utilized at a global level without any intermediary involvement. Energy grids, IoT networks, wireless hotspots, and storage systems are some applications where DePINs could make an irreplaceable impact.
➟ SocialFi: Social Finance (SocialFi) provides an avenue for the mainstream population to gain benefits from their screen time on social networks. While some link with existing platforms, others are entirely on-chain, promoting a censorship-resistant culture among creators and followers.
➟ AI-based Ecosystem: The AI-based ecosystem in the crypto sphere has become popular after remaining underrated for a relatively long time. The rise of artificial intelligence-based large language models (LLMs) has elevated the business prospects for their Web3 counterparts, witnessed by the surge in the prices of AI-based coins.
Conclusion
Thus, we have seen how the crypto market’s current growth will elevate the space for good. With billions of dollars expected to flow from retail and small-scale investments across the Web3 space, it only makes sense for businesses like yours to indulge in building a futuristic venture focusing on the hottest domains. Opt to work with our professionals at Blockchain App Factory to launch a crypto project loaded with sophisticated features and flawless functionality. Connect with one of our experts today to find out how you can enter the decentralized space in style!
