As of July 29, 2024, the first cryptocurrency has the largest market capitalization – $1.27 trillion. This indicates its high demand among traders and investors. Therefore, the prospects of development and the future of bitcoin are of interest to many. But the price of digital currency will depend on the level of its acceptance by society, legal regulation and technological innovation. It is difficult to predict the value of the crypto asset even 1 year ahead.
Is there a future for bitcoin
Bitcoin is the first digital currency launched in 2009. After 15 years, it is still relevant. In 2024, many people have heard of bitcoin. Since its emergence, it has gone through different stages of development – from a little-known coin to a recognized tool for saving capital and means of payment.
In 2024, the cryptocurrency is used by many individuals, large companies, as well as various financial institutions. Over time, bitcoins are accepted for payment by more and more organizations. At the same time, the halving of the crypto coin took place in the spring of 2024. Previously, it was accompanied by its growth. It can be assumed that BTC in the short term expects an increase in quotations.
Whether the cryptocurrency will update the historical maximum
Blockchain is a relatively new technology for society. It continues to find applications in various fields. Therefore, Bitcoin has been updating its ATH (maximum rate) during every market growth cycle since its creation. See the table for more details.
| ATH update date | Cryptoasset rate, $ |
|---|---|
Many analysts believe that the digital asset could update ATH again in the future. Bitcoin’s fate depends on:
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- The level of adoption of cryptocurrencies by institutional investors.
- The introduction of new technologies.
- Legislative regulation.
- The global economy.
- Geopolitical events.
BTC rate forecasts
It is not known exactly what will happen to bitcoin next. It depends on various factors that are often difficult to predict. But as of July 29, 2024, analysts believe that Bitcoin is poised for a rate hike in the short term. First, the coin’s halving has triggered a new growth cycle for the entire industry. Second, regulators have approved ETFs on BTC and ETH. This should attract institutional capital into crypto assets.
Frequently Asked Questions
❓ What is the difference between a correction and a bearish trend change?
There is no clear criterion. After a correction, the trend continues and the chart reaches new highs. A trader can only assume the development of the situation.
⏳ How much will Bitcoin cost in a year?
Many analysts allow the growth of quotations to the level of $100,000. Others fear a deep fall in the price of BTC.
❕ After what events does a bull rally begin in the market?
Quotes usually rise sharply due to the purchase of cryptocurrency by investment funds and other major players.
😱 Can Bitcoin fall in price to 0?
This situation is unlikely. Bitcoin remains the top cryptocurrency. But this asset is not backed by fiat money, its market price depends only on traders’ sentiments. Therefore, a panic sell-off of coins cannot be ruled out.
✅ What other cryptocurrencies can be earned on?
In July 2021, Ethereum remained the second most capitalized digital asset. In addition, traders showed interest in decentralized projects (DeFi).
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Author: Saifedean Ammous, an expert in cryptocurrency economics.
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