Key Takeaways:
- Check out the current conditions of Bitcoin, the legacy cryptocurrency that inspired every aspect of Web3 technology.
- Explore top Bitcoin trends in 2024 that could have a resounding impact on the wider market with time.
- View predictions on how the future will look like for Bitcoin and the general cryptocurrency market.
From being a wunderkind in the global technological space to becoming legendary on their own, cryptocurrencies have changed the way we think about finances and investments. Notably, Bitcoin ($BTC) paved the roots for every decentralized advancement to ever exist within a span of one and a half decades, at a pace similar to smartphones and social media. 2024 is poised as a crucial year for Bitcoin for numerous reasons, making it important to look at the market trends to derive insights. This blog does exactly that by providing you with the top Bitcoin trends in 2024 that are worth taking into account for every crypto enthusiast.
The Current Condition of Bitcoin
While Bitcoin today is the most diverse version you can see of itself, many say it has yet to achieve its intended goal of decentralizing payments and remittances on a full scale. Still, the legacy cryptocurrency has smashed the previous all-time high (ATH) to raise the barrier to a little over $73,000 in March 2024. BTC’s market capitalization also crossed $1.4 trillion at the same time, boosting the coin’s prominence in the global market. With several revolutionary technical events and regulatory updates, the cryptocurrency enjoyed a considerably better time after an enduring bearish trend when its prices went as low as $15,000.
Top Bitcoin Trends in 2024 Worth Noting
This section discusses some of the top Bitcoin trends in 2024 that have turned the tide in favor of the legacy coin. Such trends’ role in elevating Bitcoin’s stature is pivotal, as numerous competitors have come up over the years with the promises of better infrastructure, operational efficiency, lower expenses, and easier experiences.
-
Spot Bitcoin ETF Approval in the USA
The beginning of 2024 was marked by a remarkable move from the United States Securities and Exchange Commission (SEC), which approved the launch of spot Bitcoin ETFs in the nation. With official acceptance, funds continue to flow in and out of BTC-based ETFs, which strengthens the case for cryptocurrencies in the retail market without hassling experiences.
According to market tracker data from Blockworks, spot Bitcoin ETFs have a market capitalization of $76.69 billion as of now. The top exchange-traded funds here include GBTC (from Grayscale), IBIT (from BlackRock), FBTC (from Fidelity), ARKB (Ark/21 Shares), and BITB (from Bitwise).
-
Fourth Bitcoin Halving Event
On April 19, 2024, the Bitcoin blockchain halved its mining rewards for the fourth time in its 15-year history. The event resulted in miners gaining a modest 3.125 BTC for adding new blocks from 6.25 BTC until the next halving scheduled in 2028.
The buzz around this event has existed for a long time in anticipation of the kickoff of a bull run similar to previous halvings. However, noticeable changes are yet to be seen. The presence of new Bitcoins will become rare, and experts predict that the supply-demand needs could propel a favorable condition for the legacy crypto coin.
Looking for the Best Business Solutions Based on the Legacy Bitcoin Blockchain?
-
The Rise of Runes Fungible Tokens
While the latest Bitcoin Halving did not kickstart an immediate bull run, it did mark the beginning of the first tokens based on the Runes Protocol. Developed by Casey Rodarmor, the creator behind the Ordinals Protocol, it aims to utilize UTXOs (Unspent Transaction Outputs) for storing fungible tokens on-chain.
A striking difference between Runes and BRC-20 is that the former aims to leverage junk UTXOs the latter generated, resulting in better efficiency, resistance to reorganization, and security. Multiple projects have already launched their Runes tokens, including Dog ($DOG), RSIC.GENESIS.RUNE ($RSIC), SATOSHI.NAKAMOTO ($丰), LOBO.THE.WORLD.PUP ($LOBO), and CATS.IN.THE.SATS ($CATS).
-
The Surge of Bitcoin Ordinals in the NFT Space
Ever since they launched, Bitcoin Ordinals have been revolutionizing the way people view the legacy crypto coin. Even the current market conditions convey the same, as data from CryptoSlam indicates that Bitcoin has the highest monthly NFT trade volume. Also, the network has already risen to fourth in the all-time ranking, only behind Ethereum, Solana, and Ronin.
The popularity of Bitcoin Ordinals projects is so high that some of them find themselves among the top collections in terms of monthly sales. Uncategorized Ordinals, NodeMonkes, Ordinal Maxi Biz, The Royals Tap, and Bitcoin Frogs have been garnering noticeable attention in the market, with more expected to come in soon.
-
The Resurgence of Bitcoin Mining Stocks
While this is one of those top Bitcoin trends in 2024 that might not seem more relevant to the crypto than others, the fact that Bitcoin mining stocks soared more than BTC itself is a surprising factor. At the beginning of 2024, firms behind some of the largest Bitcoin mining facilities, like Marathon Digital, CleanSpark, and Riot Platforms, saw their stocks rise by 590%, 440%, and 350%, respectively.
With mining rewards reducing further after the latest halving, market experts predict larger BTC mining firms could acquire small-scale facilities that could not gain reasonable profits from energy-intensive operations. Some of them are already underway, as CleanSpark had its hands on three mining facilities, and Hut 8 Mining and US Bitcoin Corp. accomplished a merger.
Conclusion
Thus, we have seen the top Bitcoin trends in immense detail and how they have reshaped the space in the first half of 2024. As we head into the year’s second half, get ready to expect even more buzz around Bitcoin, as the previous bull runs went effective only six months after halving. The increasing prominence of Ordinals and Runes tokens could also have a say on how the blockchain performs, as its capabilities are restricted by nature. If you are planning to enter the blockchain space as an investor or a business owner, stepping into the marvelous world of Bitcoin could pave the way for a clear victory in the long run. Our experts can aid you in understanding and navigating the complexities surrounding the Bitcoin ecosystem. Connect with us now to discuss your business/investment prospects!
