- Analysts from the CoinShares platform presented a forecast for the development of the crypto industry in 2024.
- They expect the release of a new stablecoin on the Bitcoin network, which will be able to compete with other “stable coins”.
- CoinShares also predicted the growth of Bitcoin to $60,000, the influx of funds into Ethereum and changes in the regulation of cryptocurrencies.
CoinShares analysts believe that 2024 will be a decisive year for Bitcoin in the stablecoin arena. They allowed the creation of a project that could compete with a number of other “stable coins” in terms of speed and ease of use.
“We expect 2024 to be a turning point for Bitcoin. According to our forecast, the project, focused on competition in the stablecoin sector, will be released in the near future,” explained CoinShares analysts.
According to experts, the Bitcoin network has the longest history and provides reliable guarantees. They pointed to the fundamental stability of the blockchain, which could become the basis for the creation of a new project.
Although stablecoins have been created on the Bitcoin network before, CoinShares predicts that the new asset will become more convenient and accessible to most users in 2024.
According to Trust Machines, several projects, including Stacks, RSK and Liquid Network, have released stablecoins based on the first cryptocurrency. One of the firms vying for an early launch is bitSmiley Labs, backed by the venture capital arm of cryptocurrency exchange OKX.
According to bitSmiley Labs documentation on GitHub, all stablecoins in circulation will be backed by excess collateral. In turn, every transaction using the bitUSD stablecoin can be tracked on the Bitcoin network.
In addition, experts predicted:
- potential growth of the first cryptocurrency to $60,000 amid the launch of spot Bitcoin ETFs;
- a decrease in the influence of the US dollar against the background of the geopolitical situation and a gradual increase in interest in cryptocurrencies;
- an influx of funds into Ethereum amid the possible launch of a spot Ethereum-ETF in the second half of 2024;
- certain changes in the regulation of cryptocurrencies. Analysts expect more countries to provide guidance on the control and management of stablecoins.
Previously, the editors of Incrypted talked with experts and market participants to find out their opinions regarding the development of the cryptocurrency industry in 2024. You can familiarize yourself with the forecasts of industry players in a separate material:
Bitcoin ecosystem, staking and “maturation” of DeFi: forecasts of industry players for 2024