Crypto Market Trends 2024 : Santiment’s In-Depth Analysis and Predictions

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As we stride into 2024, Santiment, a blockchain analytics platform, outlines some major narratives likely to shape the crypto landscape throughout the year. Here’s a breakdown of what to anticipate.

NFTs and Memecoins: Brace for Surprising Upsurges

According to Santiment, Non-Fungible Tokens (NFTs) and the ever-popular Memecoins are set to remain highly volatile, offering sudden jolts of excitement. Citing Bonk (BONK), a recent meme coin sensation on the Solana network, Santiment suggests that the frenzy around such tokens often precedes market peaks.

Solana-backed memecoin Bonk (BONK) showcases this pattern, marking a staggering 1,300% surge in market cap within a year, overtaking fellow memecoin Pepe to secure the third spot among memecoins. Bonk’s swift expansion has outpaced well-known dog-themed memecoins such as Shiba Inu (SHIB) and Dogecoin (DOGE).

On the flip side, Bitcoin’s NFT market may surge by over 100x, driven by the Lightning Network’s push for wider Bitcoin payments. Analysts predict Bitcoin at $100,000, with ORDI, a Bitcoin-based memecoin, potentially a top crypto despite hurdles from the Ordinals protocol causing higher gas fees.

However, they also caution that while a surge in meme coin interest may signal the end of an existing crypto rally, distinguishing real data-driven interest from mere social noise remains crucial. 

Bitcoin Halving and Spot ETFs: Waiting for Key Market Catalysts

Santiment also flags two significant events on the horizon: Bitcoin’s anticipated halving in April 2024 and the potential approval of Spot Bitcoin Exchange-Traded Funds (ETFs) in the US. These events are expected to generate considerable market attention and could have far-reaching implications for crypto markets.

Stablecoins, Regulations, DeFi, DAOs, and ZK Tech: Driving Forces in 2024

The platform warns that stablecoins and regulatory changes could change markets. As developments continue, Santiment expects decentralized finance (DeFi) and decentralized autonomous organizations (DAOs) to grow throughout the year. Layer-2 solutions and zero-knowledge (ZK) technology can enhance data authenticity without revealing sensitive information, they say.

AI and Blockchain: Expect More AI-Powered Crypto Projects

AI and blockchain are teaming up to change how cryptocurrencies work. They’re making things more efficient and secure. There are new places where people can get AI resources for their projects like Microsoft investing in this. Also, smart technology like ChatGPT is helping with blockchain tasks, making things faster and cheaper by automating some processes.

This trend will show up in how decentralized AI marketplaces are being created. These places make it easier for everyone to get the data and computing power needed for AI projects.

Macroeconomic Trends: A Steady Influence?

Finally, Santiment believes macroeconomic dynamics will continue to influence crypto prices. Positive and negative tendencies could influence market bottoms or tops.

Overall, Santiment’s predictions suggest a fascinating year for crypto lovers. NFTs, legal changes, and technological advances will make 2024 another exciting year for crypto.