What’s Happening Right Now In Crypto

Image Source: Unsplash

As with every year, 2024 has been a rollercoaster in the global crypto market. We have seen a huge turnaround from previous years where confidence and prices were down, with new and old names spiking in popularity and visibility. Keep reading to find out the latest in worldwide cryptocurrency trends and news.

Increased Investor Confidence in the Crypto Market

Not every year is a good one for cryptocurrency. There are times when particular currencies go through bankruptcy, or when the price of even the most reliable coins plummet. However, this year is already proving to be quite the opposite. After a lot of investors lost confidence in the market in 2022, faith was restored in late 2023 with the introduction of new players, such as the TG Casino token, to the industry. In February of this year alone, US$485 million of funding was put into blockchain startups.

The ‘Bull Run’ of Bitcoin

Whilst digital currencies are notoriously volatile, one coin that is having a spectacular bout of longevity is Bitcoin. At the beginning of 2024, the value of Bitcoin rose by 150%, with many experts claiming that this bull run could continue into 2025. To put the surge into perspective; the price of BTC at the start of the year was approximately US$44,000, but has grown to almost US$77,000 by the end of May. 

There are a myriad of factors influencing this rise, including the upcoming Bitcoin halving event and the approval of EFTs. EFTs were in the works from 2013, but were only permitted by the SEC earlier this year. Both of these events were of interest to investors interested in Bitcoin, and have driven demand significantly. The halving event, in particular, will drive the price of the coin up, as the rate for which Bitcoin is mined will be diminished by 50%.

The Integration of AI and Cryptocurrency 

Artificial Intelligence has been making the news for one reason or another consistently this year, and the latest headlines are related to crypto. To be specific, AI tokens have become a kind of digital currency, involved in matters such as blockchain technology, decentralized web platforms, and more. Owners of an AI token can use them to gain access to the aforementioned ventures, and then gain more tokens through continued use of these platforms. The current value of AI tokens, of which there are fewer than 100, stands at roughly US$39 billion. 

Regulation Is on the Up 

Due to the fact that cryptocurrency is relatively new on the scene, regulation surrounding its usage and taxation is still being written up. In some countries, crypto is still more or less unregulated, whereas other regions are imposing tighter rules on how it can be traded, and how it is taxed. At current, the most involved regulatory body is the US Securities and Exchange Commission (SEC), which is enforcing rules such as requiring all crypto firms to register with them and comply with their requirements. The majority of countries are much further behind the US when it comes to regulation, but there is talk that others will follow in their footsteps in 2024 and beyond. As a direct consequence of this increased enforcement, some cryptocurrency companies are moving their services abroad, to places that do not have strict rules on trading. 

NFTs Remain Popular 

Unsurprisingly, non-fungible tokens continue to gain popularity. A large reason for this is that their usage has increased, with NFTs becoming used in real money online casinos alongside fiat currency, to invest in other assets, or to collect art, amongst other cases. A recent study undertaken by Market Research Future (MRFR) revealed that the global NFT market could hit an estimated US$343 billion by 2032, as the number of practical applications increases. As of 2024, Ethereum remains the most respected platform for tokens, as well as NFT marketplaces, hosting the likes of Rarible and OpenSea.

The Possibility of Central Bank Digital Currency

Once thought of as highly unlikely, the possibility of banks all over the world adopting their own digital currencies, known as Central Bank Digital Currency (CBDC), is becoming more realistic. There are many proponents for a CBDC, who believe that a virtual and centralized currency would offer all of the benefits of crypto, without any of the risks.

There are already CBDCs in Nigeria, Jamaica, and the Bahamas, and China is currently trialing the digital Yuan, which would be the largest CBDC in the world. Although there is little chance of Central Bank Digital Currency overtaking fiat currency, we’re likely to see further developments and more countries adopting this form of currency in 2024.

Conclusion

In summary, 2024 has already been a big year for cryptocurrency, and we’re barely halfway through! Many forms of digital currencies are booming in value, popularity, and usership, and more regions across the world are starting to wake up to the benefits of crypto and NFTs. The overall theme of the year seems to be growth, and it shows no signs of slowing down.

Joshua White is a passionate and experienced website article writer with a keen eye for detail and a knack for crafting engaging content. With a background in journalism and digital marketing, Joshua brings a unique perspective to his writing, ensuring that each piece resonates with readers. His dedication to delivering high-quality, informative, and captivating articles has earned him a reputation for excellence in the industry. When he’s not writing, Joshua enjoys exploring new topics and staying up-to-date with the latest trends in content creation.

Author