Many people looked away from crypto in 2022 when a great crash erased multiple cryptocurrencies and dropped the value of the entire market by more than half. Back then, NFTs seemed on the way out, and popular dialogue proclaimed that they were dead. If you stopped looking at that time, you might have missed the rapid resurgence of crypto and NFTs that has recently taken place. Right now, the crypto space seems as alive as it ever has been, with new highs being set and new stories appearing in the news cycle every day. 2024 is already shaping up to be a historically dramatic year in the crypto space. Here are a few stories you might have missed.
Bitcoin’s Now an Exchange-Traded Fund
An exchange-traded fund (ETF) is a kind of investment security that owns multiple assets like stocks, bonds, futures, currencies, and commodities. Now, we can add Bitcoin to that list. Back in January, the SEC gave Bitcoin its official approval to operate as an ETF, which has changed the way the financial market interacts with it. Several Bitcoin-backed ETFs are now trading in the mainstream instead of being relegated to crypto markets. People who might never otherwise consider putting their money behind cryptocurrencies have found themselves diversifying into ETFs that include Bitcoin.
Ethereum Values Skyrocketing Like the Old Days
Ethereum has always seemed to follow Bitcoin, even though the Ethereum token operates on a unique blockchain platform that’s very different from Bitcoin. To many investors, Ethereum and Bitcoin are the two heads of the crypto market. It makes sense that once Bitcoin received ETF approval, investors would speculate that Ethereum isn’t far behind. There aren’t currently any Ethereum ETFs on the horizon, but the cryptocurrency’s value has had a special story all its own.
Back in 2021, Ethereum set its all-time high value of $4891. A recent surge in investment has once again driven it into that ballpark, with old-fashioned rises and dips repeatedly cracking the $4000 mark. It’s been an exciting time for investors, whether their style is to hold unshakingly or to buy in dips and sell at peaks. Ethereum devouts have been watching their monitors with rapt excitement, wondering how far the value will climb.
New Tech Drives New Markets
You’ve been hearing a lot about AI that can create art, but it turns out AI is pretty good at online trading, too. Crypto investors are chronic early adopters of technology, so trading bots have been live on their platforms for a while now. Recent surges in the capability of these bots and their adaptive algorithms, driven by the compounding advancement of machine learning and large language models, have seen automated trading platforms rapidly advancing in sophistication and popularity. Top trading platforms like KuCoin, Dash2Trade, and Bybit (which also boasts a native institutional crypto trading platform) have employed bots with great success.
There’s Still a Lot of 2024 Left to See
One of the most interesting things about the year is that there haven’t even been three whole months of it yet. The crypto space has seen rapid changes and incredible excitement, and this could still just be the beginning of a historically wild year. What new stories will crop up in the next month, let alone the next six or nine months? There could be many more surprises to come this year.
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