CRYPTO IN 2024: ARE WE STILL EARLY, OR DO WE CATCH UP?
Not so long ago, the crypto space was shocked when Jeff Bezos, the CEO of Amazon and Blue, made a shocking tweet where he affirmed that he aped into Bitcoin by selling $8B of Amazon shares.
This event and many more notable events have taken place within the last six months.
Why is this so?
This is because we just entered the season of the Bull, aka The Bull Run.
Bitcoin recently hit $69,000. That was its first all-time high since 2021 when it hit $61,000. Bitcoin was also not affected by the bull run. Other coins like Ethereum, Solana, and various altcoins followed suit.
According to statistics by Coincodex, the bull market is speculated to run till late 2025, with Bitcoin having the potential to hit $175,000 by August 2025.
The long-awaited bull run is no longer a daydream but a complete reality. Bitcoin, the granddaddy of crypto, hit a 5% increase, establishing its price at $63k.
This move has affected almost every other coin in the crypto space, as altcoins are predicted to rise even more in price.
As a newbie, you might wonder if you are late to the party and can still get into the crypto market and make a profit.
This article helps you answer this and gives you the necessary steps to enter the industry.
Understanding Crypto
In simple terms, crypto is a digital currency secured by encryption and doesn’t rely on banks or governments to control it.
According to Coinmarketcap, there are over 23,000 cryptocurrencies, with Bitcoin as the oldest and the most valuable.
Crypto is essential in finance because it allows people to make secure transactions without banks or governments and opens up new ways to access money and pay for things globally.
The major cryptocurrencies are Bitcoin, Ethereum and Binance Smart Chain(BSC), with the last two having their blockchain technology.
These blockchains help in recording information in a decentralised and transparent manner. It’s like a digital ledger that stores data across a network of computers.
Each block in the chain contains a set of transactions, and once added, it’s nearly impossible to alter.
With blockchains, you can build several applications and protocols that are secure and beneficial for users.
Accessing The Present
As of early 2024, the crypto industry has about $2.21 trillion in total market cap, with Bitcoin taking the larger share of 50%.
With the approval of Bitcoin ETF and the coming Bitcoin halving, there has been a massive increase in the price of BTC. With this, altcoins like Ethereum and BNB are seeing price increases too.
The market size of the crypto industry is bound to increase as new projects and people enter the industry.
Over the years, we’ve seen countries, celebrities and significant institutions bet on Bitcoin as a legal tender or a massive value store.
This has increased the mainstream adoption of cryptocurrencies in general. For instance, El Salvador made Bitcoin a legal tender in 2021. This means that Bitcoin would be used and accepted as a means of payment for everything, even essential commodities.
Further mainstream adoption by central banks, investment companies, and tech companies will grow the crypto market through increased investment, market validation and diversification.
Early To The Party?
Being “early” in cryptocurrency refers to entering the market at a stage where significant growth potential still exists.
It involves recognising the opportunities presented by blockchain technology and digital assets before they become widely adopted and mainstream.
This is what makes for earning and investment profits. Determining being early means we have to look at things from several perspectives.
These perspectives include:
1. Market Maturity
The crypto market is increasing rapidly. Currently, there are over 420 million active crypto users, as compared to 5 million in 2016.
The market size is rapidly increasing, but compared to the world population, it’s still a tiny percentage.
2. Adoption Rate
The adoption curve refers to how the world or people began to use this innovation over time.
The internet was born in 1990 and went from basically no users 1990 to 5.3 billion now — capturing 62.5% of the global population in 33 years(Statista).
Today, the internet is used in every country and is still gaining massive adoption. The lifecycle of innovations always has the introduction, growth, maturity and decline stages.
The stage of each innovation depends on how mainstream and adopted it has become. The internet right now is at its growth stage.
As for crypto, it’s different. We are still in the introduction. There are only over 425 million cryptocurrency users worldwide(Statista). The world population is at 8.1B (Worldometer).
This means approximately 5.25% of the world’s population is into crypto right now, which means the adoption is minimal.
Also, out of the 195 countries today(Worldometer), only two have accepted Cryptocurrency as a legal tender — El Salvador and the Central African Republic.
More adoptions will increase demand, stabilise crypto prices and increase market size. The crypto market has yet to mature due to minimal adoption and mainstream usage.
3. Technological Advancements
The potential of blockchain technology has given rise to many innovations and yet more to come.
These will give more investment opportunities to individuals and institutions and, in turn, increase the market size for crypto.
Innovations like NFTs, DAOs, and DEFI are advancements currently being built to bring more usability to the ecosystem.
Can I still get in?
Absolutely yes. While it may be impossible to be an early adopter in crypto like people who got in 2009–2016, it’s still early to get in today.
The industry is still growing, and there are a lot of opportunities to come.
Why Join Now?
There’s potential for high returns in the crypto industry.
People have made massive profits just from holding crypto. Bitcoin, for instance, has had over 101,000,000% increase in all-time price(CoinMarketCap), and it’s still increasing.
Holding crypto can be very profitable as prices increase with mainstream adoption and innovations which drive investments.
People also make money from trading crypto in the market, just like stocks and forex, but this can be very risky without proper knowledge.
Joining the crypto market in 2024 gives access to innovative technologies such as blockchain, smart contracts, and decentralised finance (DeFi).
These technologies can potentially revolutionise industries, offering new opportunities for investment and growth.
Getting In
You can get into the crypto industry by doing the following:
1. Education
The crypto industry can be very technical and risky; therefore, ignorance is not something you can afford.
Many people have been scammed due to ignorance and negligence. You need to know how the industry works from the basics. You need to learn the terms, the mode of operations, the systems and most significantly, the news.
It would be best to learn to analyse projects to detect scams, exchanges, wallet platforms and more.
In getting started here are a few materials to get you started.
Youtube: WhiteBoard Crypto
Academy: Binance Academy
2. Investments
As you learn the industry basics, you can begin to make little investments by buying cryptocurrencies and holding them.
It’s advisable to do proper research on coins and their projects before you buy.
It’s not advisable to ape into projects. It can be perilous. I would advise that you cut out a percentage of your income that would do you little to no harm if lost and begin to practice what you’re learning.
As you get better with research and industry insight, you can diversify and invest in multiple projects to increase your investment and potential earnings.
3. News & Updates
Information is gold in the crypto industry, and it drives investment decisions a lot.
You need to get familiar with market tracking websites like CoinMarketCap, CoinDesk, CoinTelegraph, etc.
These sites and likes give information that drives buyers’ and sellers’ actions in the market.
4. Communities
Crypto communities are essential in getting updates and first-hand information on the market.
Communities often have updates before they come out as news, called alphas.
Communities are where you find like minds, and you also get to have more information on new projects and existing ones with potential.
You have to be careful also because some communities are full of scammers. You can find crypt communities on Twitter (X), Reddit, Discord, etc.
5. Influencers
Influencers are prominent personalities in the industry.
They usually have large followings on social media because they are perceived to either have exceptional knowledge or have considerable investments in crypto.
They can be whales. They have a strong influence such that a project they promote does amazingly well.
There’s also a downside because most influencers promote rug projects for their interest. This is why your research is vital in investing in a project.
6. Mentorship
Some individuals have a very sound knowledge of the industry. They can make forecasts, trade, and predict industry movements because of their expertise.
While many people claim to be experts, only a few people are. Mentorship will save you loads of time finding your place in the market. It’ll help you filter noise from signals and double down on what works.
Finding the right mentors can be tasking, but as you learn, you’ll know those to follow based on their results and records. Mentorship is often paid, and you find them in communities, too.
Finally
It is still early to get into the crypto industry. If there’s an excellent time to get in, it is now, as 2024 appears promising for everyone in the market.
Meanwhile, it would be best to research and educate yourself so you’ll learn to play the right cards in the game.
The crypto industry has come to stay, and we’re only beginning to reap its potential. I am getting it; I hope you are.
