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What Does 2024 Hold in Store For The Cryptocurrency Industry in Light of Bitcoin’s Time Highs

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What Does 2024 Hold in Store For The Cryptocurrency I ndustry in Light of Bitcoins all Time Highs

We are living in a bull market. What happens next? Ray and Jonathan discuss their predictions, ideas, and opinions about the cryptocurrency market in 2024.

The world’s first cryptocurrency, Bitcoin (BTC), tickers down $68,026. Its all-time high was ultimately reached on March 5 after a rally above $69,000. That’s it, then. Officially, the market is in a bull market.

Developers, projects, and artists presented their grandiose visions of how blockchain technology and cryptocurrency would transform the world during the previous bull market. Even if part of that was accomplished, many goals remained unmet.

Therefore, everyone has a second opportunity to fulfill their commitments now that the market conditions have improved. The Agenda co-hosts Ray Salmond and Jonathan DeYoung make the premise that blockchain initiatives should have enough runway to develop the goods and services that aim to address many of the world’s issues, given improved market conditions and profitable balance sheets.

Related: Bitcoin Halving Implications for the Crypto Community

In episode 31 of The Agenda, Salmond and DeYoung discuss the significance of Bitcoin’s price reaching a new all-time high and what this could mean for cryptocurrencies in 2024.

The resurgence of Bitcoin indicates that the market and assets are maturing.

The milestone’s significance is considered once one gets over the initial frenzy and obsession with Bitcoin, reaching new all-time highs.

When asked what the moon landing of the Bitcoin price meant overall, Salmond said that it was “a sign of maturity,” particularly in light of the following:

“It seems like the ETFs are similar to buyers of unlimited desire. They resemble buyers of limitless demand. They have been purchasing at least $500 million, or $450 million, worth of Bitcoin daily for the past two to three weeks. Even today, ETFs like BlackRock’s IBIT traded like a billion shares as the price of Bitcoin fell after reaching a new all-time high.

According to DeYoung, social media discussion from non-crypto dudes is nothing compared to what happened in 2017 and 2020, so he was a little taken aback that he wasn’t checking the value of his portfolio every five minutes.

“My purpose for being here is more profound. So yes, I feel a little removed from that now that the price has returned. Furthermore, we’re still very early in this bull run, so getting too worked up about reaching $69,000 is probably a little premature. Feel free to correct me if I’m wrong.

In 2024, outcomes will matter more than concepts

Salmond and DeYoung concurred that rather than token value, the success of blockchain and cryptocurrency in 2024 is more likely to be determined by developers’ capacity to provide valuable goods and services. DeYoung stated:

“My goal is that some of the individuals riding the wave higher will then take a portion of their earnings and invest it in more ambitious enterprises. Perhaps the more ambitious ventures that bring in a little money are how they made their money, much like the hype plays. Now that they have a few extra ETH hanging around, they can use it for fun, unusual use cases, like helping their friend’s passion project take off.

Related: Ethereum ETF Approved?

DeYoung predicted that the relationship between artificial intelligence and cryptocurrency will become more vital as the demand for media and data verification increases. DeYoung believes that blockchains appear to be ideal for data cataloging and verification and anticipates that in the years to come, they will be crucial to the media and maybe the government.

However, Salmond believes that in 2024, the music nonfungible token (NFT) market will once again be in style:

“You know, two years ago, the market crashed. I therefore believed that music NFTs would be the NFT Phoenix. I thought that that was the one kind of subsector of the industry that made the most sense and would have the most growth—it would just be easy to bridge Web3, blockchain, and the traditional music industry. I’m astonished that nothing has transpired because so many platforms and individuals raised tens of millions of dollars for music NFTs.

Salmond conceded that perhaps the timing of his high expectations lack patience, something that he explained is critical in the fintech space:

“One thing I’ve learned investing in Ethereum—Bitcoin maybe, but Ethereum and some of the other, Ethereum-like coins—one thing I’ve learned about tech companies is you don’t expect results at the end of one year, or even at the end of two years, or even at the end of three years. When five or ten years have passed, you anticipate the outcome and the payoff. For example, ETH is a five-to-ten-year investment.

To hear more from Jonathan and Ray’s conversation on The Agenda — including juicy details about upcoming episode guests — listen to the full episode on Cointelegraph’s Podcasts page, Apple Podcasts, or Spotify. Additionally, don’t forget to view the entire schedule of other shows on Cointelegraph!

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