To understand what the future holds, one must first analyze past data. The cryptocurrency market has been very volatile, but it can still draw a reasonable trend even in the chaos. The year 2023 has been a very promising one for the cryptocurrency market, particularly when it comes to its integration into the casino industry.
Today, casino operators offer many payment solutions to their players, including cryptocurrency. Cryptocurrency is widespread amongst casino operators due to its speed, cheaper transaction speed, and overall convenience. If you are wondering what 2024 would look like for the cryptocurrency market, you’ve come to the right place. In the following section, we will highlight five key areas where we anticipate substantial changes in the cryptocurrency market.
Integration of AI in Crypto Analytical Platforms
It’s no news that AI is making waves in several sectors, and analytical platforms are one of them. In 2023, there was a widespread use of analytical platforms as a tool for calculations. One such tool that made its wave in this sector is Messari+. Messari+ is a free-to-use data tool that helps investors, regulators, and the public make sense of the revolutionary new asset class and drive informed decision-making and investment.
Messari+ with AI offers a ranking of crypto assets, protocols, exchanges, DAOs, and so on, which online casinos can capitalize on to offer a better customer experience. For example, an online casino operator can utilize this tool for diligence and gather intel on key developments in the casino industry, governance, and news to offer such better deals to its players, as vulkan bet bonus. It also offers research reports and protocol reporting as well. Essentially, with Messari+, you can stay ahead of your cryptanalysis game.
Bitcoin Hegemony
Another trend that was prevalent in 2023 was Bitcoin hegemony. The major digital asset selection transitioned towards higher quality names, which led to bitcoin dominance that steadily increased. Many factors played a critical role in driving a large part of this by multiple well-known and established financial stalwarts.
In 2024, analysts believe there may be some capital rotations into riskier parts of the asset class. Most of these flows are believed to be institutional, which will remain firmly anchored on Bitcoin at least through the first half of 2024. And with the pent-up demand from traditional investors entering the market will make it harder to take the place of Bitcoin hegemony anytime soon.
Tokenization
One of the vital use cases of tokenization is for traditional financial institutions. Analysts expect it to be a significant part of the new crypto market cycle. Tokenization is a critical part of updating the financial infrastructure which makes it systemically important. It primarily involves automating workflows as well as eliminating certain intermediaries that are no longer needed in the asset issuance, record keeping, and trading process.
Tokenization has a strong product-market fit for distribution ledger technology (DTL) and a current high-yield environment, making tokenization’s capital efficiency much more relevant. In 2023, dozens of new entrants on public permissionless networks offered access to tokenize US Treasury exposure directly on-chain. But in 2024, we expect tokenization to expand to other market instruments like private market funds, equities, insurance, carbon credits, etc.
Blockchain Evolution
Analysts predict that blockchain will undergo significant changes in 2024. A big theme emerging from the recent bear market cycle is the focus on making crypto technology user-friendly. The responsibility of managing cryptocurrency isn’t for everyone, such as
- Storing private keys,
- Gas fees,
- Managing wallets, etc
But there is progress around making account abstraction, which has made meaningful progress. The concept of account abstraction is not new, as it dates back to at least 2016.
For example, let’s take Ethereum as a case study. This crypto asset allows owners to act as paymasters and pay for users’ gas fees or allows them to fund transactions with non-Ethereum tokens. This functionality can be useful to institutional entities who don’t want to hold gas tokens on their balance sheets, but it can be a lot of work. As a result, in 2024, many changes will be seen in the crypto space that will revolutionize the blockchain, making it more user-friendly.
Conclusion
In conclusion, when it comes to the crypto market, a lot can be said, as it has improved exponentially over the last decade. And 2024 looks very promising for the crypto market. As highlighted in this article, several things will change, and crypto investors or stakeholders should brace themselves in whatever way, shape, or form. Investing in cryptocurrency remains very volatile, and diversifying your investment portfolio is one way to mitigate the risks of loss. Although cryptocurrency is becoming a systemically important asset in the financial sector, regulators have started to embrace it globally, which will only increase its value with time.