The cryptocurrency market has seen a huge boost in the past months of 2024. Every investor would be eager to know about the market for the months to come. Is it going to be a profitable period or will the market falter for good? How will the results of the upcoming US election determine the future of decentralized finance? Keep reading this article to learn more about the future of cryptocurrencies.
Bitcoin Prices
Bitcoin was the most profitable cryptocurrency in 2024. But after reaching a record high price of $70,000 in March this year, the prices have dropped consistently, leading to a current price of $62,946. Even after this fall in prices, Bitcoin is still the favorite in the market and investors are hoping for its price surge in the last quarter of 2024.
There have been many concerted efforts by various European countries such as Germany that will help Bitcoin gain back its lost stature. Bitcoin prices will probably climb back and cross the $70,000 mark in the coming months. Nevertheless, Bitcoin will not witness an extraordinary price surge in the last quarter of 2024. It is not certain whether it will cross the $1,00,000 mark this year.
Altcoin Prices
Altcoin prices show a mixed outlook in the remaining months of this year. Ethereum is a major altcoin that shows some movement in its price, even though it attained higher price ranges in the past months. The current price of Ethereum is $2685.25, which is -16.89% for the last 30 days, -21.85% for the last 60 days, and -29.28% for the last 90 days. However, Ethereum will see an average price rise to $3000 if the present conditions persist.
Shiba Inu is another major altcoin with a high market capitalization of $8,589,672,194.96. However, its current price at $0.0000145 is down by 47.49% when the price performance of the last 90 days is considered. The future market of Shiba Inu is neutral; the price data can sway to either side depending on the market trends.
Other major altcoins such as Solana, Kaspas, Cardano, Pepe Unchained, etc will see price rise in the coming months. The overall market of Altcoins is projected to gain in the last months of 2024, but the level of gain is unpredictable and can vary due to market volatility.
Upcoming US Elections And Crypto Prices
The 2024 US presidential election is a major event that will see the heads rolling in the crypto market. The outcome of the election will determine the future of decentralized finance worldwide. The Republican faction is pro-cryptocurrency, which is evident from the campaigns of Donald Trump.
The crypto users in the US expect ease of interest rates and loosening of the stranglehold of regulatory organizations if Trump wins the election. On the other hand, if the victory is for the Democratic Alliance candidate Kamala Harris, the larger market is expected to fall in anticipation of further regulatory strongholds for digital currencies.
Investors are hopeless when it comes to Kamala Harris’s support for the decentralized finance sector. Harris is expected to carry on the policies implemented by her predecessor Joe Biden, if she comes to power. Even if Harris eases some binding regulations, investors do not expect her to be as lenient as her opponent Trump.
Therefore, the US Presidential elections are a major political event that will determine the future of decentralized finance towards the end of 2024.
The Bottom Line: How Will This Autumn Be For Cryptocurrencies?
Autumn 2024 is a period of mixed trends for cryptocurrencies. While a major portion of the market is favorable for price rises, the future is turbulent with the overall volatility of the market. The recent announcement by Jerome Powell, the chairman of the US Federal Reserve, regarding interest rate cuts in the coming months is also a green signal for the price rise of various cryptocurrencies.
This autumn will be a period of mixed outcomes for the crypto market. Both Bitcoin and Altcoin will see bullish trends in the future, but whether the price hike will cross the expected mark or settle for a far lower range is unknown.
Disclaimer: The crypto market is highly volatile. A definite price prediction is impossible at all stages. So, you should invest only after considering the various factors that may impact the future of these digital currencies.
