In 2024, the cryptocurrency industry is rapidly developing under the influence of various trends: from new game models to the integration of blockchain into education. So what trends are shaping the market this year? This is what my post is about
Global Adoption of Cryptocurrencies
To begin with, I will consider the introduction of cryptocurrencies in the world. In particular, Chainalysis, a blockchain analytics company, recently released its fifth annual Global Crypto Adoption Index report. In it, they explore the mass adoption of cryptocurrencies in countries around the world. Central and South Asia and Oceania (CSAO) is the dominant region this year, with seven of the 20 countries with the highest adoption of cryptocurrency located there. According to their report, CSAO has a unique set of crypto markets with high levels of activity in local cryptocurrency exchanges, with trading services and in DeFi. The top list also includes such countries as the USA, Nigeria, Ukraine, Great Britain and a number of others.
Between the fourth quarter of 2023 and the first quarter of 2024, the total value of global cryptocurrency activity increased significantly, reaching a higher level than in 2021. Last year, the use of cryptocurrency increased mainly in lower-middle income countries. Interestingly, this year, cryptocurrency activity has increased in all income countries, and since the beginning of 2024, there has been a decline in high-income countries. In particular, Chainalysis analysts note that the launch of spot bitcoin ETFs contributed to the growth of the overall value of bitcoin activity in all regions, with particularly strong annual growth in institutional-sized transfers and in high-income regions such as North America and Western Europe.
As can be seen, cryptocurrencies are increasingly being introduced into the lives of people in many countries, and market trends play a significant role in this.
Trends in the Crypto World in 2024
One of the most interesting trends of the year was Tap-to-Earn games, which were able to attract the attention of not only gamers or crypto-enthusiasts, but also those who were previously unfamiliar with cryptocurrencies. Such games combine the ease of mobile gaming with the ability to earn cryptocurrency for simple actions and tasks such as tapping on the screen, completing game goals, and more. Tap-to-Earn focuses on accessibility and ease of interaction to reach a wider audience, they also promote the mass adoption of cryptocurrencies in everyday life and create a sense of community as players join special teams or groups to work together within the app.
One of the platforms that stimulated the development of such games is the popular Telegram messenger. It is worth noting that the first "viral" game was Notcoin, which debuted at the end of 2023 as a closed beta version on Telegram. Its success turned out to be phenomenal and became a certain impetus for the revival of the GameFi industry. After that, the market was flooded with many similar applications on various topics: from hamsters to spaceships. Perhaps we will see more than one clicker by the end of the year, as these games are still a key trend in the crypto industry.
Although the combination of sports and cryptocurrencies is nothing new in both industries in recent years, they continue to become increasingly intertwined. In particular, 2024 proved that partnerships between crypto companies and sports organisations are a real trend that not only opens up new horizons for fan engagement but also helps to strengthen the brand on the international stage. Thanks to marketing campaigns and the involvement of millions of users, such cooperation is mutually beneficial for both industries.
Cryptocurrency companies are actively starting to cooperate with leading football clubs, basketball teams, and even sports leagues. In particular, according to CoinGecko, the industry has seen a gradual recovery this year after the peak of 2021: 26 new sponsorship deals and 16 continued cooperation from previous years. Significant deals include Crypto.com’s sponsorship of the UEFA Champions League for the 2024–27 cycle and Bitget’s partnership with LaLiga to promote cryptocurrencies in different regions. In addition, BlockDAG signed a $10 million deal with Borussia Dortmund.
In addition, 2024 was able to demonstrate how the partnership between sports and cryptocurrencies can take marketing campaigns to a new level. It is worth noting the exclusive WhiteBIT CUP 2024 event from the WhiteBIT crypto exchange, which is an official partner of FC Barcelona. The event was held for VIP customers, enthusiasts and partners of the company and demonstrated how cryptocurrency companies can organize significant events and at the same time join the world of sports.
In addition, a large number of sports organizations participate in crypto-partnerships to implement social projects and allow viewers and fans to support charitable initiatives, sometimes not necessarily aimed at the development of the sports industry, but also at helping those in need.
Cryptocurrencies are increasingly integrated in the form of crypto-payments in various fields. If earlier crypto-payments were a rare phenomenon, today the category of purchases is actively expanding. In particular, crypto-payments have become a significant trend in the automotive industry. Elon Musk's Tesla was one of the first to provide such an opportunity to consumers. Back in March 2021, the company introduced payments in bitcoins, but due to environmental problems related to the high cost of energy when mining the cryptocurrency, it suspended them after a few months. Instead, this year Tesla introduced the option to buy a car with Dogecoin.
Ferrari is another company that has allowed the purchase of cars with cryptocurrency. Although they integrated this feature in the US back in October 2023, this year they expanded crypto payments to their European dealer network and by the end of the year they plan to introduce crypto payments in other countries of their dealer network. In particular, official dealers of companies such as Lamborghini, Porsche, BMW, etc. have also integrated the possibility of paying for cars with cryptocurrency. However, it is worth noting that some of them are still limited to the United States.
At the same time, European countries, including Ukraine, also joined this trend this year. In particular, one of the leading electric cars in Ukraine sold the first sale of an electric car. Ukrainian electric vehicle retailer L.Riker™ has sold a BYD Song L electric vehicle with digital assets using the Whitepay payment solution.
In 2024, the integration of blockchain into the educational spectrum has become an important part of digital transformation.
For example, this year the Zurich University of Applied Sciences in Business Administration launched a Bitcoin training course for those planning to integrate cryptocurrencies into new business models. ETH Kipu and the Argentine Ministry of Education have also integrated the Ethereum blockchain into the curriculum of a high school in Buenos Aires to introduce the technology to young people.
Additionally, they offer blockchain internships for students to gain hands-on experience.The introduction of blockchain in education also provides new opportunities for the verification of diplomas and certificates, as well as increases the transparency of the educational process. In other words, it confirms the authenticity of traditional documents and makes it impossible to transfer and forge them in the future. Today, this is a really important step, since blockchain technology will be able to provide a simplified process of restoring documents in case of their loss.
One of the notable trends was the emergence of native blockchains on cryptocurrency exchanges and the optimization of their own ecosystems. In particular, over the past year, the largest cryptocurrency exchanges have focused on developing their own blockchains. The main reason for creating our own blockchains is the desire to reduce dependence on third-party networks such as Ethereum. This allows exchanges to control transaction costs, processing speed and scalability.
Native blockchains also provide more flexibility in introducing new features and tools, which is important for the crypto industry. The launch of native blockchains allows exchanges to reduce transaction costs, as they can lower fees for users. This increases trading volumes and attracts new users. In addition, they also provide greater control over security. Exchanges can implement specific security mechanisms and new security protocols according to their needs.
In addition, developing their own blockchains allows exchanges to create their own digital assets (tokens) and smart contracts. This, in turn, allows them to expand the range of products or services they offer, such as their own decentralised financial protocols (DeFi) or gaming platforms. Also, by launching their own tokens on the blockchain, exchanges provide users with the opportunity to use them to pay commissions, participate in staking or other activities on the platform.
Conclusion
Thus, 2024 was a remarkable year for the cryptocurrency industry, marked by significant trends and innovations. From the emergence of Tap-to-Earn games to the growing collaboration between sports and blockchain, cryptocurrencies have expanded into new areas of everyday life. The adoption of cryptocurrencies in the automotive industry and the growing role of blockchain in education are further illustrations of the integration of digital assets. Together, these trends are driving the mass adoption of cryptocurrencies, laying the groundwork for even greater development in the coming years.
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