A Brief Outlook on 7 Cryptocurrency Market Trends and Technologies in 2024
By:W, Lynn
The crypto market is thriving in 2024, as Bitcoin (BTC) surges to new record highs and Ethereum (ETH) secures approvals for spot ETH ETFs from US regulators. With this optimistic outlook, it’s time to consider the future of cryptocurrencies. Join us as we delve into the top 7 crypto market trends that are poised to generate buzz and deliver real-world utility not just in 2024, but in the years ahead. Don’t miss out on these game-changing developments that are shaping the future of digital assets.
Top 7 Crypto Market Trends To Watch in 2024
Political Memecoins
Cryptocurrencies and speculation – name a more iconic duo, we’ll wait. In 2024, political memecoins have taken the crypto world by storm, particularly those poking fun at political figures like Donald Trump and Joe Biden. These satirical tokens have become a sensation among crypto traders, especially as the U.S. Presidential elections draw nearer. Memecoins, known for their high-risk, high-reward potential, continue to attract investors seeking quick and significant returns. Unlike many crypto projects that promise revolutionary technology but fade away, memecoins offer a straightforward value proposition: the chance to make a fortune in a short span of time.
As of June 4, 2024, Trump-inspired memecoin $TRUMP has delivered over 5,400% year-to-date returns. Since its inception, $BODEN – a Biden-themed memecoin with a misspelled name – has surged nearly 600%. Investors are eyeing these political memecoins for their potential growth.
Artificial Intelligence (AI)
Whether it is the equity or crypto market, no one can deny that the AI crypto narrative will grow stronger in 2024. The disruptiveness of AI has positioned it as a significant force. Crypto investors seek to capitalize on AI by pinpointing two types of crypto ventures: those backing AI operations and those developing AI solutions and offering AI services. The former encompasses AI-centered DePINs, crypto initiatives laying the groundwork for AI applications to function, primarily focusing on data storage and computing resources. Projects like Akash and Render, for instance, offer a decentralized market for trading GPU power, essential for AI data processing. On the other hand, Fetch.ai represents the latter category, providing a platform for developers to craft and sell autonomous AI software and services.
These AI software operate independently, enabling buyers to automate various business functions. Bittensor, a crypto project, aims to foster a decentralized AI industry. It envisions creating decentralized markets for compute resources, data storage, processing, and oracles, all integrated into one ecosystem, while also developing innovative AI frameworks. By bringing together these elements, Bittensor is paving the way for a new era in AI technology, where decentralization enhances efficiency, security, and accessibility.
Real World Asset Tokenization
Tokenization of real-world assets (RWA) is a trendsetting innovation where assets like real estate, art, credit, and precious metals are represented as digital tokens on the blockchain. Every year, more traditional finance firms are recognizing the potential of tokenization, drawn by its advantages in secure, decentralized trading, clear property rights, and asset fractionalization. Illiquid assets like real estate and fine art can now be divided into thousands of digital tokens, thanks to tokenization. This innovation not only lowers the barrier for small investors but also facilitates seamless and instant trading of property rights on the blockchain. Furthermore, blockchain transparency ensures buyers can effortlessly verify the transaction histories of assets like real estate, artworks, and classic cars. Here are the top 7 crypto market trends to watch in 2024, with tokenization of real-world assets emerging as a key trend to follow.
Intangible assets like copyrights, trademarks, and patents, often stored in paper or digital formats, stand to benefit greatly from tokenization. By leveraging this technology, owners can have their property rights to these assets securely and permanently recorded on the blockchain. Tokenization not only ensures the tamper-proof nature of these assets but also enables real-time tracing and verification.
Crypto investors can now remotely purchase US treasuries, bonds, and cash-equivalent tokens online, opening up new opportunities for portfolio diversification. Additionally, by investing in tokens that represent private credit loans to businesses, investors have the chance to earn attractive yields. The world of exotic financial products is also undergoing a transformation, with items like carbon credits being tokenized. This innovation brings carbon credit tokens to the blockchain, where they can be awarded, sold, transferred, and retired. The tokenization of carbon credits has sparked the creation of a liquid market for these unique products, facilitating easier carbon offset purchases for companies. Simultaneously, it enables climate action projects to raise funds more efficiently, furthering environmental sustainability efforts. This shift not only streamlines financial transactions but also promotes global sustainability initiatives.
DePIN
Decentralized physical infrastructure networks (DePIN) captured significant interest from the crypto community in 2023, and with their natural synergy with the artificial intelligence (AI) industry, they are poised for even greater growth and investor attention in 2024. What exactly are DePINs? They are innovative blockchain protocols designed to build, maintain, and operate physical infrastructure in a decentralized and open manner. This physical infrastructure can encompass a variety of hardware, including hotspot routers for wireless connectivity, GPU chips for computing power, and data centers dedicated to file storage. One notable example is Filecoin, a crypto-incentivized peer-to-peer storage network. This platform enables anyone to easily store and retrieve data, rewarding suppliers with FIL tokens for providing a reliable storage service. As the crypto and AI industries continue to evolve, DePINs are emerging as a pivotal technology, bridging the digital and physical worlds in a way that is both secure and efficient.
In 2024, seven key crypto market trends are emerging. Among them, the rise of DePIN networks stands out, featuring platforms like Render, Theta Network, and Akash, which incentivize users to supply graphic processing unit (GPU) computing power.The elegance of DePIN lies in its open, permissionless marketplace for infrastructure, catering to diverse industries such as media, gaming, AI, information services, and life sciences. Stay tuned for these top crypto trends shaping the financial landscape in the coming year.
Data Availability Layers
The future of blockchain is expected to be modular, meaning that instead of a unified system handling all operations, individual blockchains will focus on specific tasks. This shift towards modularity promises to enhance scalability and specialization within blockchain networks. A crucial component of this modular approach is data availability networks, which offer an innovative off-chain solution for transaction data storage and verification. By storing data off-chain, these networks alleviate congestion on the blockchain itself, eliminating the need for nodes to constantly upgrade their hardware to accommodate expanding data volumes.
The market narrative around data availability gained momentum in 2023, largely due to its pivotal role in Ethereum’s rollup-based scaling strategy. As specialized rollups emerge, the need for robust data availability solutions is poised to surge. In a landmark moment for the industry, Celestia debuted as the inaugural modular data availability blockchain to go live on its mainnet in October 2023. Joining Celestia in this frontier are other notable data availability blockchains, including the NEAR data availability layer, Avail, and EigenDA, collectively pushing the boundaries of data availability in the crypto space.
Restaking
Restaking, a concept introduced by EigenLayer on the Ethereum network, involves validators locking up liquid staking tokens (LST) as collateral to secure the restaking network and earn rewards. In simpler terms, restaking mirrors traditional staking, with one key difference: instead of using native ETH, LSTs such as Lido’s stETH serve as collateral. This innovative approach not only bolsters the cryptoeconomic security of the underlying blockchain, Ethereum, but also offers token holders an opportunity to generate additional yield. Moreover, developers creating decentralized applications or new protocols can leverage the pooled security provided by restaking protocols like EigenLayer, eliminating the need to establish a trust network of validators from scratch. The crypto community witnessed the launch of EigenLayer’s mainnet in April 2024, marking a significant milestone in the evolution of restaking and its potential to revolutionize the staking landscape.
As of June 4, 2024, Lido, a liquid staking platform, led the pack with the highest total value locked (TVL) on EigenLayer. The surge in restaking’s popularity has spurred the emergence of several EigenLayer imitators and competitors, including Karak, Pell Network, Octopus Network, and Repl. This trend underscores the growing demand for staking solutions in the crypto market, leading to a proliferation of similar platforms vying for market share.
Decentralized Social
Decentralized social networks offer users a censorship-free environment, putting control of data, interactions, and audience firmly in their hands. Consider Instagram: Meta can ban you, and if you’re a content creator with a loyal following, switching to TikTok or another platform means starting from scratch. Decentralized options like Farcaster and Lens Protocol, however, operate differently. They serve as the foundational infrastructure for developers to craft decentralized social media on top. This allows users to smoothly transition between social apps, carrying their followers, posts, and likes with them. Crucially, without a centralized authority, users enjoy freedom from censorship and the risk of being removed from the platform. Here are the top 7 crypto market trends to watch in 2024 as decentralized social networks and other innovative technologies continue to reshape the financial landscape.
In 2024, Warpcast, a Farcaster-powered, Twitter-inspired platform, surged in popularity among crypto enthusiasts. On Warpcast, users enjoy posting and sharing content, buying and selling NFTs, playing crypto games, and creating token-gated content. Another trending decentralized social network, Friend.tech (FRIEND), offers paid chatrooms and trading capabilities. Both platforms provide unique experiences, Warpcast focusing on interactive crypto activities, while FRIEND emphasizes paid community engagement and trading, together shaping the future of social media in the blockchain era.
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Crypto Projects That Embrace Tech
| Crypto Project | Category | Token Ticker | Market Cap | Year-to-date Gain (As of June 4, 2024) |
|---|---|---|---|---|
| Friend.tech | Decentralized Social | FRIEND | $15.1 Million | -30% |
| Degen | Decentralized Social | DEGEN | $316 Million | +36% |
| EigenLayer | Restaking | EIGEN | Not trading in open market, at the time of writing | NA |
| Near Protocol | Data Availability | NEAR | $7.71 Billion | +95% |
| Celestia | Data Availability | TIA | $11.20 Billion | -9% |
| Render | DePIN | RNDR | $5.43 Billion | +113% |
| Arweave | DePIN | AR | $2.97 Billion | +342% |
| Maker | RWA | MKR | $2.37 Billion | +55% |
| Ondo | RWA Tokenization | ONDO | $1.95 Billion | +768% |
| The Graph | AI | GRT | $2.81 Billion | +114% |
| Bittensor | AI | TAO | $2.64 Billion | +43% |
| MAGA | Political Memecoin | TRUMP | $574.7 Million | +5391% |
| Doland Tremp | Political Memecoin | TREMP | $114.7 Million | +830% |
The Bottom Line
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