In the heat of summer 2024, it is fair to say that the news is rather tumultuous. However, starting in January of this year, one domain of the economy seems to be having a moment. Of course, we are talking about our beloved crypto market, now breaking new records after a few years of uncertainty.
Here at the hub of the Baddies, we love crypto and the rollercoaster of emotions it can bring to anyone who's dabbled into BTC, ETH, and NFTs. Crypto-assets aren't just a way to make (and lose) a pretty penny. They reflect society and its complex economic mechanisms. Because the beginning of 2024 has been great for digital assets, we want to debrief the five reasons some investors are pretty happy with these 2024 results.
Bitcoin ETFs: With Love From the SEC
Any crypto observer has been eagerly waiting for it for a long time. Finally, the SEC, a mighty US financial regulator, has announced its decision: Bitcoin is now the first digital asset of the crypto market to be sold as an ETF, a financial product loved by millions. After all, bitcoin is a powerful means of financing that users can freely use while visiting sites like this one.
This type of announcement is huge in the crypto community. It's also why BTC rose from $30,000 to almost $50,000 in a few days. This SEC decision was like fresh air for many holders and investors worldwide. Because the BTC price went up, all of the other assets benefited from it and went up. However, the difference between the first crypto (BTC) and the second in capitalization (ETH) is still huge.
Some financial observers have declared that BTC is now worth more than gold. While it's not easy to say if that declaration is exaggerated, the Bitcoin ETF authorization has made Bitcoin a legitimate financial product. It means that consumers can be protected in case of issues and incidents. It's yet another step to make crypto-assets respectable—the end of the Wild West, if you will.
What To Expect From ETH ETFs?
Speaking of ETFs, there is a reason why people think that ETH is still the most valuable asset to have in their portfolio. Because the Ethereum blockchain is linked to many crypto projects, such as DAOs, this whole ecosystem is going very steady and showing great results in mid-2024, with a price approaching $3,400.
However, at the end of July, the SEC made yet another announcement. Indeed, the ETH crypto is going to be sold as ETFs. Some observers are expecting a huge price surge for the 2nd most popular crypto. Millions of Americans will probably rally and buy these ETFs, benefiting from the hype around the money.
There’s a strong probability that another bull run will happen during the height of summer 2024, placing crypto-currencies on the cool map again. Remember the disastrous 2022 year when BTC lost half of its value? As mentioned before, crypto-investing is quite the rollercoaster and those who embark on that ride for the first better brace for intense sensations.
Adios NFTs… Hello NFTs?
In the crypto world, it’s admitted that 2022-23 was dominated by a strange new concept called NFTs. These fungible tokens kind of took over, and to this day, nobody is sure why these pixelated images of crypto punk sold for millions of dollars apiece.
Thankfully, many observers are keen to say that the NFT market is dead in the water. This is only partially true because the whole concept of NFT has matured and is becoming a long-term investment rather than a novelty that could earn you a quick buck.
Crypto Adoption Around the World
As most of us know at this stage, crypto assets are nothing without mass adoption, which means that they aren’t used to possess crypto if they are only a means for investment and speculation. Today, reassuring statistics say that there are more than 560 million crypto-users worldwide. It represents almost 6.8% of the global population.
This is an impressive number indeed, but one that has the potential to grow exponentially in the next five or ten years. Today, it feels like South American countries are leading the show regarding crypto adoption. However, the country where people have the most crypto-currency is India, with over 93 million people possessing crypto.
Crypto Gadgets: When Coins Meet Real World
You might not be the only one dreaming of a future when you can spend crypto everywhere to buy a baguette or pay for a parking space. We estimate that 85% of US merchants are eager to enable crypto-currency payments in their shops. However, it's impossible in every country, especially in nations still attached to cash, such as Germany.
Always on the edge of innovation, Ledger, a French company specializing in crypto hardware, has launched a physical wallet accessible without connection and USB cable. The item is stunning, but the hefty price tag might deter many crypto investors, to the tune of €279 a piece.