Wildest crypto predictions for 2024
We’re keeping the receipts on Crypto Twitter’s hottest takes heading into the new year
JPMorgan CEO Jamie Dimon | lev radin/Shutterstock modified by Blockworks
The online part of the crypto world is always good for a hot take or two.
As we head into the new year, here are a few predictions for 2024, from the pretty reasonable to the only-in-crypto.
A bearish year for Binance
Binance saw its trading volume boosted by FTX’s collapse in November 2022.
Since then, its market share has shrunk, falling 20% through November 2023, according to CCData. The loss was worsened by the DOJ’s indictment against former CEO Changpeng Zhao.
Still, Binance has been the world’s largest exchange by volume since 2017 and remains well ahead of its competitors in daily volume.
And a bullish one for Coinbase
A layer-2 and expansion abroad were among Coinbase’s initiatives this year. The exchange has also remained mostly free from the legal troubles that have plagued its competitors.
The price of COIN stock is up 376% on the year.
JPMorgan tokenizes a fund
JPMorgan has been active in the real-world assets space. Its Onyx blockchain arm carried out tests on tokenizing portfolios on permissioned blockchains.
However, JPMorgan CEO Jamie Dimon struck a different note when he talked about crypto being shut down at a Senate Financial Services Committee hearing earlier this month.
$10 billion market cap for BONK?
BONK is the latest dog coin to ignite crypto Twitter. BONK’s rally following its listing on Coinbase was the largest in 2023. The Solana-based coin has joined a larger Solana rally, rising over 300% in the last 30 days, according to CoinGecko. BONK’s market cap is currently more than $1 billion.
A quarter of a million dollars
Bitcoin’s price has appreciated 159% in the past year, per CoinGecko, and the asset may have a couple more catalysts in 2024.
SEC decisions on Ark and 21Shares’ spot ETFs are coming in January, and another halving, where rewards paid to miners by the network are cut in half, is estimated to happen in April.
Bearish ETFs
Buy the rumor, sell the news as they say.
Analysts have predicted a sharp downside move is possible immediately after potential spot bitcoin ETF approval. However, prior precedent suggests that ETF approval would lead to a longer-term price rally.
Dig up your NFTs
NFTs have shown positive signs lately after being hit hard by the bear market. The NFT marketplace Blur massively raised its trading volume following an airdrop earlier this year, overtaking OpenSea as the top NFT platform by volume.
Elon drops a token
Twitter’s rebrand as X this year fueled speculation about possible crypto integrations on the platform, especially given CEO Elon Musk’s ongoing interest in crypto.
The hype is yet to develop into anything substantive however, and Musk tweeted in August that X will “never” launch a token.
Get the news in your inbox. Explore Blockworks newsletters:
- The Breakdown: Decoding crypto and the markets. Daily.
- Empire: Crypto news and analysis to start your day.
- Forward Guidance: The intersection of crypto, macro and policy.
- 0xResearch: Alpha directly in your inbox.
- Lightspeed: All things Solana.
- The Drop: Apps, games, memes and more.
- Supply Shock: Bitcoin, bitcoin, bitcoin.
