Cryptocurrency Forecast for the End of 2024

Posted on June 30th, 2024 by Quertime Writer in Cryptocurrency

The landscape of cryptocurrency is ever-changing, which makes it hard to plan financial decisions. With new technology and a shifting economy, it’s difficult to foresee what’s coming next in the crypto world. While this nature of cryptocurrency might be confusing, it also offers opportunities for more growth and profit, and, we believe, that’s why many people still stay enthusiastic about their strategies towards digital assets.

Cryptocurrency offers flexibility that traditional banking systems cannot, and that’s why it has so many loyal followers. Nowadays, you can buy VPS servers with Bitcoin, or groceries at your local shop with Tether, with cryptocurrency making virtually anything accessible from anywhere in the world.

In this article, we will look at different cryptocurrencies and what growth prospects they show, and touch on the potential price values you can expect to see by the end of 2024.

What will Influence the Price of Cryptocurrency by the End of 2024

It is important to understand the factors that play a key role in shaping the cryptocurrency market, instead of relying on other crypto performance analytics. Aspects that have always influenced the volatility of the cryptocurrency market are asset supply and demand, legal regulations, advancements in technology, the state of the economy, and the scope and frequency of investments.

Regulatory aspects have a major influence on how cryptocurrency behaves. For example, in 2023 the wider acknowledgment and acceptance of cryptocurrency through ETF (Exchange-Traded Fund) proposals has caused Bitcoin price to rise by almost 70%, and Ethereum’s price to rise by more than 20%. Legal victories on the side of cryptocurrency in court battles also move the positive influence forward.

Cryptocurrency Price Forecast for 2024

Bitcoin

Bitcoin, the first of its kind in digital money, continues to be the main interest of investors. It is associated with constantly growing market capitalization and certain fluctuations; nonetheless, it’s expected that Bitcoin will show a more stable tendency in the rest of 2024.

Bitcoin’s past trends and data hint at its good future in 2024. One big reason Bitcoin’s value might jump is the Bitcoin halving happened in April 2024. Bitcoin halving happens in the Bitcoin network about every four years or after 210,000 blocks are mined. This event has always given a push to Bitcoin’s value in the past.

By the end of 2024, BTC price is going to reflect the influence of multiple factors including trends in the price movement of cryptocurrency, the overall economy, and the financial advice from analytics. Bitcoin shows a tendency for smooth upward movement and is expected to secure a more grounded place of market capitalization.

Bitcoin was the major catalyst for its upward trend. In January of 2024, the U.S. Securities and Exchange Commission approved several Bitcoin EFTs after multiple rejections. It potentially makes it easier for those who are used to a more conventional way to make investments to access Bitcoin. Considering that approved EFTs are at the early stages of their development, BTC already got its wave of onflowing interest.

Many believe that Bitcoin will hit the $100,000 mark by the end of 2024, especially considering this year’s halving event in mid-April that has kickstarted its forward trend. In the past, Bitcoin prices hit their lowest point a bit more than a year before a halving and then went up for over a year after the halving. If Bitcoin follows this pattern in 2024, its value could hit $148,000 by the first part of 2025.

Ethereum

Ethereum had a good start in 2024. However, due to the anticipated bullish trend following Bitcoin’s steps, the price is expected to rise by the end of 2024. This prediction is grounded in the fact that Bitcoin and Ethereum have a high price correlation, and Bitcoin is most certainly going to increase in value.

The state of the global economy could bring ETH to a stable average of $4,500. If the situation worsens, the lowest value the Ethereum could hit would be $1,800.

Dogecoin

The meme-inspired cryptocurrency has shown incredible overall resilience, and it had a stable start in 2024. However, it is expected to either go up to $0.35, down to $0.083 or sustain the average of $0.215 by the end of 2024.

There are multiple factors at play here. The general upward trend in the crypto market due to the approval of the Bitcoin ETFs is going to touch Dogecoin as well. Plus, the team of Dogecoin developers is currently working on a payment system that would allow providers to integrate it as a payment option; such a development is likely to boost interest in Dogecoin and facilitate the increase in its value.

BNB

Binance Coin has shown great adaptability in the volatile market, and it also hints at an upward trend as the year progresses. BNB can peak at $470 by the end of the year. The increase in price is likely to be attributed to the advancements in the Binance platform.

XRP

XRP is likely to maintain a steady price of around $0.5. December can bring XRP to reach $0.91, later stabilizing the coin at $0.78. No drastic increases in XRP value are predicted by the end of 2024.