The cryptocurrency market is in its infancy and yet it has experienced phenomenal growth since the launch of Bitcoin back in 2009. Despite this, there are still many skeptics who question the long-term potential for cryptocurrencies in general and bitcoin in particular to become an everyday mode of payment.
In this article, we take a look at what several experts have to say about the future of cryptocurrencies and how they may look like in 2024 and beyond. We start off by discussing the growth forecasts of various cryptocurrencies and how long it will take before they reach a market cap of $1 Trillion. We further explore some expert predictions on the dominant cryptocurrency in 2024 and how blockchain technology will look like 5 years from now.
We end this article with a brief discussion on other uses for blockchain technology that may change the lives of people in different parts of the world.
Table of Contents
Growth Estimates & Projections for Cryptocurrencies
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In our previous article, we have discussed five case studies that have been instrumental in fueling interest in cryptocurrencies and blockchain technology from investors, financiers, and other key constituents over the past 12 months. The main driving factors behind cryptocurrencies and blockchain technology were the need for a more secure system of making payments and storing data, as well as eliminating the middleman.
So what does this mean for cryptocurrencies?
According to experts like Jeremy Epstein, who we discussed in our previous article, we predict an increase in demand for cryptocurrencies over the coming years. These new demands will be fueled by advances in blockchain technology, new use cases for cryptocurrencies, and increased regulatory oversight.
We have seen an increase in the demand for cryptocurrencies over the past two years combined with a sharp increase in their prices on BitcoinPrime. This is shown by the number of transactions processed using bitcoin which has gone from approximately 100,000 per day at the start of 2014 to around 300,000 per day during the first week of December 2017.
The number of transactions on the Ethereum network has also seen a sharp increase in demand since its launch in 2015, despite some scalability issues that have hampered growth. According to data compiled by Etherscan, the daily transactions processed on the Ethereum blockchain increased from 45,000 per day.
Is It Safe to Invest in Cryptocurrency?
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We believe that the cryptocurrency market will continue to grow at an accelerated rate, fueled by increased investor interest in cryptocurrencies and blockchain technology. This is supported by the total number of unique addresses used to send bitcoins.
Bitcoin is currently dominating half of the entire cryptocurrency market. This is based on the number of bitcoins in circulation, despite being available to traders for a shorter period. To put things into perspective, Ethereum has more than tripled its market share as well.
We see this trend continuing into the future, though we expect Ethereum to close this gap as it continues to mature. This is based on the assumption that backers of new coins continue growing awareness about cryptocurrencies and blockchain technology.
Attractive Cryptocurrencies for Investing in 2024
Are Bitcoin and Ethereum the only options? They are certainly the most popular ones, but there are alternatives that you may like!
After hearing different pieces of advice, you would probably want to know which cryptocurrencies deserve your attention the most. Don’t get too motivated with everything you just read above. Even under good conditions, you need to focus on your personal improvement and selection of good cryptocurrencies. That is the only way to ensure profit and make a stable financial situation for you and people around you. Because of that, we would like to highlight a couple of attractive digital currencies for investing in 2024. All the cryptos are good in some way, so we invite you to check out their main advantages and pick the one that meets your expectations. Let’s go!
Algorand
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According to different sources, people will manage to triple their investment if they decide on this crypto. While you are reading this article, Algorand is the 22nd largest crypto in the world when we put into consideration the market value.
There is one unique feature of this crypto that grabs the attention of different people. The crypto itself uses the so-called proof-of-stake mechanism which is some sort of tradition in the crypto world. Despite that, we also need to mention the emphasis of interoperability. The team behind this crypto is aware that things are constantly improving in the crypto world. Because of that, it may happen that many blockchain projects will no longer be compatible with each other in the future. Thanks to the dedicated team, these gaps will be removed!
Nano
Source: theface.com
As the name suggests, Nano is some sort of the smallest crypto in the world. However, its market value is nearly 500 million dollars! It is a payment-network coin that has some good features connected with scalability and speed. The blockchain network of this currency is different from others as it uses the so-called block-lattice blockchain. This feature allows every individual to create his own blockchain. That way, people are actually not competing against each other and they do not have to wait for the approvals they would usually get from someone else!
IOTA
Source: cryptonews.com
Believe it or not, IOTA had a huge market cap only 5 years ago. It was one of top 10 cryptocurrencies of that time. However, its market cap value went down in the following years, and it seems that 2024 is going to be the year when things will get back to normal.
So, why is IOTA so special? Believe it or not, this crypto does not use blockchain technology at all. Experts behind this crypto developed a network that is known as Tangle. It works thanks to a direct acyclic graph (also known as DAG) that has some specific requirements. All transactions are interconnected and they can approve two more transactions that happened in the past. That way, they create a tangled web (you know understand why this network got that name).
We suggest you research all these options and pick the one that seems like the best one for your needs!
Conclusion
Over time, we predict that one dominant cryptocurrency will emerge as a form of digital currency, which will help accelerate the growth of other cryptocurrencies as well. This is based on the belief that it takes a dominant coin to achieve widespread adoption and use as a mode of payment.
We believe that Bitcoin will continue to be dominant in this space over the next few years. However, our survey indicates that Ethereum has a better chance of becoming the dominant cryptocurrency in 2024.
