Outlook for the Cryptocurrency Market in 2024 🧙‍♂️

1⃣ In 2024, the price of BTC is expected to reach a new all-time high in November, with the institutional consensus currently at $140,000.

2⃣ Before the official interest rate cut by the Federal Reserve in 2024, there may be a black swan event, leading to a single-day BTC price drop of over 10%.

3⃣ In early 2024, the BTC spot ETF is expected to be approved (with an 80% probability of approval in January).

4⃣ The successful completion of the Cancun upgrade will lead to ETH's price rising to over $10,000 within the year. Sectors benefiting from the Cancun upgrade, such as L2, DA layer, parallel EVM, cross-chain bridges, and account abstraction, will yield alpha returns. Keep an eye on the new narrative implied by Ethereum's next upgrade roadmap.

5⃣ The decentralized sequencers of StarkNet and Metis will be officially deployed on the mainnet. There is a high probability that Arbitrum and ZkSync from mainstream L2 will follow suit, while Optimism and Scroll, which pursue authenticity and full equivalence with Ethereum, are less likely to do so.

6⃣ In the Ethereum ecosystem (including EVM-compatible L1 and L2), there will be a boom in non-financial infrastructure development, and non-financial dApps (Web3 games and Web3 social media) will see widespread adoption for the first time, with the emergence of Web3 games with millions of users.

7⃣ With significant marginal improvements in market liquidity and an overall increase in risk appetite in 2024, meme coins and tokens will no longer dominate the stage as they did in 2023. The Coingecko Top 100 blue-chip projects will return to the center stage.

8⃣ The release of BitcoinCore v27 client will reignite debates about meme coins in the market. A protocol token from a legitimate Bitcoin ecosystem infrastructure project is expected to become one of the stars in the 2024 cryptocurrency market.

9⃣ Within the Alt L1 space, the Solana and Avalanche ecosystems will experience a full recovery, while Fantom, under the leadership of AC, will find a new direction. Aptos and SUI will maintain their high profile.

🔟 The RWA narrative (tokenization of US bonds) will be forgotten by the market, leading AAVE, Compound, Centrifuge, Goldfinch, and others to seek new narratives. Enhanced nested fixed income and ZK reputation (credit) lending may become their new direction.

1⃣1⃣ DePin and hardware mining will be a hot trend throughout the year.

1⃣2⃣ After the airdrop, Zk Rollup L2 will begin to erode the market share of Op Rollup L2. With Vitalik's new article mentioning the improvement of the decentralized stack, the prosperity of the Starknet ecosystem will surpass that of Arbitrum.

1⃣3⃣ With the deployment of UniSwapX, DEX spot trading volume will surpass CEX spot trading volume, and the price increase of blue-chip DeFi project tokens will exceed the market beta increase. Derivative (perpetual contracts + options) DeFi protocols will be highly sought after in the market.

1⃣4⃣ Peer-to-peer support based on L2 will be welcomed by cryptocurrency users, and Gnosis Pay may become an essential payment card for professional users.

That's all.

Wishing that 2024 will not disappoint us after all we've been through in 2023 🌊📈

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