NFTs, Memecoins and Six Other Topics To Drive Crypto Markets in 2024, According to Analytics Firm
Blockchain analytics platform Santiment is itemizing the foremost narratives which might be prone to prevail within the crypto house this 12 months.
Beginning with non-fungible tokens (NFTs) and memecoins, Santiment says that the 2 crypto sub-sectors are “at all times primed for a sudden surge of curiosity.”
For example, Santiment says that the rise in curiosity within the Bonk (BONK) memecoin preceded the large worth surge of Ethereum (ETH) rival Solana (SOL). BONK is a comparatively new meme crypto constructed on Solana.
Santiment goes on to say {that a} surge in curiosity towards memecoins tends to be a sign that an present rally within the crypto markets could also be coming to an finish.
“We do need to spotlight the potential correlation between a powerful surge in curiosity in the direction of memecoins and market prime situations. By ‘sturdy,’ we confer with a transparent sign on the knowledge degree, distinguishing it from the fixed social noise that’s ever-present in crypto social channels.”
The blockchain analytics platform provides that the opposite main narratives for crypto this 12 months embrace the upcoming Bitcoin (BTC) halving and the potential approval of spot Bitcoin exchange-traded funds (ETFs) within the US.
The halving, which slashes BTC miners’ rewards in half, is slated for April 2024.
On stablecoins and laws, Santiment says developments concerning the two areas are “prone to be an ongoing issue and will signify each backside or prime occasions, relying on whether or not it’s forged in a adverse or constructive gentle.”
In 2024, the blockchain analytics platform says that decentralized finance (DeFi) and decentralized autonomous organizations (DAOs) “may acquire momentum at any given – or surprising – time, given the various improvements which have occurred there”.
In response to Santiment, different main narratives in 2024 will doubtless contain layer-2 options and zero-knowledge (ZK) know-how. Zero-knowledge know-how is cryptographic know-how that permits one celebration to show to a different {that a} piece of information is true with out revealing every other info.
Lastly, the analytics agency says that macroeconomic traits and narratives will proceed to affect the crypto markets in 2024.
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