Binance Predicts 7 Influential Events Shaping Bitcoin, Ethereum, Ripple, And Cardano In 2024

In a recent research report published by Binance, the world’s largest cryptocurrency exchange by trading volume, several key events were identified that are expected to influence the trajectory of the crypto market in 2024 significantly.

Paving The Way For Institutional Inflows

One of the most significant events is the approval of spot Bitcoin Exchange-Traded Funds (ETFs) by the US Securities and Exchange Commission (SEC), which took place on January 10th.

According to the report, the market expects that the approval of these index funds can open the floodgates of interest by institutional investors, potentially leading to substantial inflows of institutional capital into Bitcoin over the long term.

According to the exchange, this development is considered one of the most significant in the history of Bitcoin to date.

Another important aspect highlighted in the report is the potential approval of spot Ethereum (ETH) ETFs. Major traditional asset managers such as BlackRock and Fidelity have filed for these ETFs, and if approved, it could significantly impact Ethereum and the broader market.

The report also mentions Ripple’s positive progress in 2023, including a favorable ruling in their dispute with the US SEC and launching their Central Bank Digital Currency (CBDC) platform.

Ripple’s platform is expected to play a “crucial role” in the issuance of digital currencies as CBDCs gain global attention in 2024, according to Binance.

Cardano (ADA), a blockchain platform known for its focus on scalability, is highlighted in the research for its ongoing efforts in scaling solutions. The report mentions the development of Hydra and the upcoming Midnight sidechain, which are expected to contribute to Cardano’s growth and adoption in 2024.

Binance Spotlights Aptos And Sui

The Binance research report also notes a renewed interest in blockchain projects such as Aptos (APT) and Sui (SUI).

These projects have experienced steady growth, and the recent market rally, particularly in non-Ethereum Virtual Machine (EVM) based operating systems like Solana (SOL), has sparked further interest. The report suggests their progress in creating a “thriving ecosystem” will attract more attention in 2024.

Interestingly, the entrance of reputable traditional asset management giants, such as BlackRock and Fidelity, into the crypto space in 2023 indicates growing institutional adoption.

The report expects more institutions to join the crypto industry in 2024, particularly with positive headlines surrounding spot Bitcoin ETFs and the upcoming halving event.

Lastly, the report underlines the paramount importance of security in the crypto industry. While improvements have been made, the industry remains focused on refining processes and fortifying defenses to maintain user trust.

As of the time of writing, Binance’s native token, BNB, has exhibited a notable upward trend in the past 30 days, recording impressive gains of 28% during this period. Consequently, the token’s current trading price stands at $314.

Featured image from Shutterstock, chart from TradingView.com