Blockchain analytics platform Santiment lists the top stories likely to dominate the crypto space this year.
Starting with non-fungible tokens (NFTs) and memecoins, Santiment say that the two crypto subsectors are “always ready for a sudden surge of interest.”
For example, Santiment says the surge in interest in the Bonk (BONK) memecoin preceded the massive price increase of Ethereum (ETH) rival Solana (SOL). BONK is a relatively new meme crypto built on Solana.
Santiment further says that an increase in interest in memecoins is often a signal that an existing rally in the crypto markets may be coming to an end.
“We want to highlight the potential correlation between a surge in interest in memecoins and top market conditions. By ‘strong’ we mean a clear signal at the data level, distinguishing it from the constant social noise that is always present in crypto-social channels.”
The blockchain analytics platform adds that the other big stories in crypto this year include the upcoming Bitcoin (BTC) halving and the possible adoption of spot Bitcoin exchange-traded funds (ETFs) in the US.
The halving, which halves BTC miners’ rewards, is scheduled for April 2024.
Regarding stablecoins and regulation, Santiment says that developments in these two areas “will likely be an ongoing factor and could mean either downside or upside events depending on whether it is seen in a negative or positive light.”
In 2024, the blockchain analytics platform says that decentralized finance (DeFi) and decentralized autonomous organizations (DAOs) “could gain momentum at any given – or unexpected – time, given the many innovations that have taken place there.”
According to Santiment, other key stories in 2024 will likely involve layer 2 solutions and zero-knowledge (ZK) technology. Zero-knowledge technology is cryptographic technology that allows one party to prove to another that certain data is true, without revealing any other information.
Finally, the analytics firm says that macroeconomic trends and narratives will continue to impact crypto markets in 2024.
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