Top Crypto Trends to For 2024

The crypto industry is showing signs of recovery in 2023 with several promising narratives and metrics emerging. The Osiz Research team highlights key trends to watch in the coming months, including the revival of decentralized finance (DeFi), the rise of non-fungible tokens (NFTs), the increasing adoption of blockchain technology, the development of layer 2 solutions, the growth of the metaverse, and the potential impact of regulatory changes.

By monitoring these trends, investors and enthusiasts can stay informed and make informed decisions in the dynamic crypto market.

Bitcoin

Bitcoin (BTC) has experienced a remarkable year in 2023, with notable advancements in both the crypto-native and traditional finance spaces. The emergence of the Ordinals protocol introduced innovations like inscriptions, often referred to as "Bitcoin NFTs," gaining popularity. Additionally, the anticipation of spot bitcoin ETF approvals in the U.S. has attracted traditional institutional investors to the cryptocurrency ecosystem.

As of December 5, 2023, BTC's market capitalization surged by 162% year-over-year, outperforming various assets and indices. Significant developments to watch in 2024 include the Lightning Network's continued growth, regulatory clarity in key jurisdictions, and the potential impact of institutional adoption on market dynamics.

U.S. spot BTC ETF approvals

The SEC has been considering regulated spot bitcoin exchange-traded funds (ETFs) in the U.S. for some time, and 2023 brought positive developments. In August, a court ruled in favor of Grayscale in its dispute with the SEC over converting its Grayscale Bitcoin Trust into a spot BTC ETF. This ruling prompted other major asset managers, such as BlackRock, Fidelity, and Invesco, to file their own spot BTC ETF applications. Currently, 13 spot BTC ETF applications are under SEC review, with deadlines ranging from January to August 2024.

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