Crypto market outlook 2024, experts on what to look forward to

Crypto market outlook 2024: Last year witnessed substantial growth for leading tokens coupled with strong altcoin performance, despite lingering regulatory uncertainties. BTC soared over 150 per cent year-to-date, while ETH experienced a robust 50 per cent increase. Apart from that, the star of the year-end, Solana saw a major uptick, crossing the $100 mark and generating more than 800 per cent returns for its investors. 

The coming year will bring more attention towards Central Bank Digital Currencies (CBDCs) while asset tokenisation also emerging as a significant trend, facilitating the seamless transition of real-world assets onto the blockchain, according to market experts. 

The narrative for 2024 in the crypto space promises not just substantial growth but also fresh market dynamics and the potential for a new bull run, inviting enthusiasts and investors to brace themselves for an exciting ride. 

High hopes of Bitcoin bull run in 2024

While talking to Republic Business, Siddhartha Gupta, SVP, of Business and Strategic Alliances, CoinDCX said, “Bitcoin's outlook for 2024 is highlighted by the impending halving event, historically triggering bullish sentiment. Ethereum, buoyed by compelling price projections and a successful transition to proof-of-stake, remains an enticing prospect.” 

Gupta believes that even amid regulatory deliberations, the upward trajectory of the crypto space signals an exhilarating journey ahead. “The recent momentum in the markets, exemplified by BTC reaching a 1-year high of approximately $44,500, suggests a resurgence from past setbacks such as the FTX, Luna, and Binance US SEC cases,” Gupta said. 

“In the context of the Indian crypto landscape, hopes are high for relief in TDS and taxation, potentially steering back 90 per cent of users who moved to international exchanges,” said Gupta. 

Talking about the anticipation building around the entire crypto market, experts have shared their outlook for the crypto market in 2024 with Republic Business. Rajagopal Menon, Vice President, WazirX, talking about the hopes of increased institutional investments said, “2024 is set to create an extremely favourable environment for crypto. With the US indicating two interest rate cuts for the next year, Bitcoin halving in April increased liquidity in the market and regulations setting the tone, the market sentiment is extremely bullish. Analysts also anticipate a continued surge in institutional investment, with Bitcoin and Ethereum ETFs.” 

Menon also underlined the role of impending elections in both India and the US, which are expected to bring domestic regulatory frameworks in both countries right before the Bitcoin bull run. 

Industry growth

Edul Patel, CEO and Co-Founder of Mudrex believes that 2024 is set to witness unprecedented growth and maturation of the crypto industry as a whole. Patel said, “Institutional involvement is set to deepen, driven by an increasing understanding of the transformative potential of blockchain technology. Regulatory clarity will be a key catalyst, providing a stable framework for innovation while safeguarding investor interests.” 

Highlighting the profit booking by Indian investors by the end of the new year, Balaji Srihari, Business Head, CoinSwitch, said, “Indian investors booked healthy profits from crypto towards the end of the year with several top coins growing at a healthy clip. While the ecosystem focused on building real-world solutions using crypto, investors backed them with patience and traders reaped benefits from the volatility in the market.” 

Srihari also mentioned that he is hopeful towards the approvals for Bitcoin and Ethereum ETFs in 2023 and this could lead to more institutional capital coming into the ecosystem.