Companies and cryptocurrency developers are making every effort to integrate crypto into mainstream usage. Businesses are tackling integration on many fronts. Some are looking to offer users a tangible hold on cryptocurrencies through real-world devices such as crypto phones. Others are targeting a different, probably younger, segment of the market by tying the concept of crypto to popular meme culture.
Regardless of the approach, there is a noticeable shift in cryptocurrency adoption. Investment houses, central banks, and regulators are taking notice. The publicity adds an incredible amount of validity to a relatively new industry, making one feel that wide-scale adoption of cryptocurrencies is inevitable.
For now, the pace is steady, with individual groups making headway. Staying up to date with currency conversion rates such as Bitcoin (BTC) to Euros or BTC to USD can help savvy investors stay grounded by regularly comparing their holdings to known fiat currencies.
Read on, to learn more about the biggest trends affecting the US’s cryptocurrency market in 2024.
The Introduction Of The Crypto Phone
Crypto Phones were developed to cater specifically to existing cryptocurrency users, with the hope of tapping into a growing market. Some high-tech companies moved too soon however, HTC’s blockchain smartphone as well as Sirin Labs’ Finney phone and the Galaxy S10 (launched in 2019) were not well received.
Blockchain infrastructure development, cryptocurrency use and lack of belief in the concept were most likely to blame. The phone’s high prices, limited app selection and lack of things to buy using cryptocurrency added to low sales.
The Solana phone launched on May 8th, 2023 and reached sales traction through offering users 30 million free BONK tokens, the phone’s producer sold 20 000 units in total.
2024 saw demand grow significantly, with the announcement of the Solana Mobile Chapter 2 in early 2024. Solana achieved 100,000 pre-sales within 30 days of its announcement.
Cryptocurrency users interested in joining the trend can still get on board. Solana is offering a second round of pre-sales, titled the ‘early adopter.’
The price of the phone, camera quality, game play, interoperability and features form part of many news articles, what the phone and its popular pre-sales signify is more than just a device however. The interest speaks to the growing demand for cryptocurrencies and devices that make their use more mainstream.
Cryptocurrency Presales
Presales in the crypto market are similar to Initial Public Offerings (IPO’s) on the stock market. Investors have the chance to purchase newly launched alternative cryptocurrencies (Altcoins) at a very low cost.
This is beneficial for the development team as well as the individual investor. Development teams receive funding for their project, and investors are able to buy into a new cryptocurrency before it officially goes to market.
Noteworthy presales happening in August of 2024 are Crypto All-Stars ($Stars) and Memereum ($Meme).
Both coins rely heavily on the popularity of memes for traction. The word “meme” comes from the Greek mimema, meaning something that has been imitated.
An image, video or piece of text, usually humorous in nature, is copied and spread rapidly by internet users, often with slight variations such as adding a catchy phrase.
Coin creators bank on consumer recognition as a marketing tool. Despite the gimmicky nature, coins such as Dogecoin have achieved real returns for investors. Other presale crypto tokens are hoping to follow suit.
Spot ETF’s
ETF’s (Exchange Traded Funds) are a form of security, one that tracks and packages a collection of assets or commodities for easy consumer access and oversight. It is a common form of investment, allowing individuals the chance to hold a stake in a number of often unrelated fields through one fund. A spot ETF is an exchange-traded fund that tracks the spot or current price of the underlying assets or commodities.
A significant trend for cryptocurrencies in 2024 is the Securities and Exchange Commission (SEC) passing the first Bitcoin ETF at the beginning of 2024 and the first Ethereum ETF as recently as July 2024. This signifies to investors that Bitcoin and Ethereum, and future crypto ETF’s, are seen as respectable commodities by the SEC and open market investors.
Several funds are looking to attract early investors in Bitcoin ETF’s, with firms waiving fees until a certain date or until a particular asset threshold is reached.
Investors might show interest in these crypto ETFs because they offer access to the market without needing to hold Bitcoin or Ethereum itself and without the need for exchange accounts, private keys, and digital wallets.
To Sum Things Up
Great investors are those that can spot trends, decipher how these trends will affect the market, and then have the emotional and mental fortitude to stick with their decision.
Cryptocurrencies have hit many of the requirements for successful currency investment. Wide-scale adoption, consumer faith, and ease of trade are being worked on at the moment. Transparency, user privacy, and access to markets that were previously too secluded are built into the design of cryptocurrencies.
The next step seems to be a psychological one, with developers and proponents aiming to get cryptocurrencies into the hands and minds of users. Cryptophones and meme coins are doing just that, with Crypto ETF’s adding institutional validity.
Investors will be hard-pressed to give you an accurate price per crypto token at the end of 2024, but what is certain is that trends have an effect. It is up to you to figure out which way they seem to be taking crypto values and to move accordingly.
