Is crypto back? More and more telltale signs nostalgically bring the industry to the feeling of 2021, remembered by its stark performance. What’s different this time?
Since 2024, there was not a single day when the attention to the market waned. Catchy Bitcoin and Ether headlines have been sprouting up like mushrooms as the community sought for other pumpamentals.
This brought many of us into the vibe of 2021 – a golden era of crypto when even my grandma got into the concept of crypto. But on the face, the hysteria is the only attribute that transcends these chronological chapters.
What has changed in the last three years, and what is about to change? Find out in the article.
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Remember the 2021 crypto market? This is it now!
There is no surprise in trend shifts throughout the time. But 2021 still managed to bring up the bright stars into the sight – just as 2024 is doing. We can all remember NFTs rallying the market at dizzying volumes. In 2021, this concept was perceived not only as a golden antelope. Crucially, they were foretold a great utility, seeing their technological potential.
The strong intersection between technology and finances has always been a hallmark of crypto, and 2024 is not any different.
In the year 2024, NFTs were swapped with modular and Layer 2 chains, clearly setting a new technological trend. As new tokens are flooding the market, the tendency is signaled by a rising number of developers for the top 200 Web3 projects. These networks managed to overcome the Ethereum and Bitcoin Networks at this rate.
Monthly active developers in top ecosystems (excluding Bitcoin & Ethereum). Source: Electric Capital
Investors likely remained interested in the factual utility (even over tokenomics). Thus, the top 50 cryptos in the market have an innovation-based background. Namely, one of the rising stars of 2023 – Celestia (TIA) – convinces investors thanks to its modular facilities.
Another one – Near Protocol (NEAR) – draws attention to cross-chain and scalability solutions. The latest one, which envisages integration of WhiteBIT, is heating the interest with free USDT and USDC withdrawal.
The main scalability players were switched as well, with Telegram entering the game. Regardless of its native Telegram Open Network, it has also unlocked the doors for a vast number of projects, i.e. HOT – the centerpiece of the aforementioned NEAR ecosystem.
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Adoption, or Decentralization?
Crypto adepts have been testing the ground for its IRL use for over a decade. This used to end in a reluctance or bias on the traditional finance’s part.
Slow and steady, but decentralized currencies have been transforming into the analog of fiat on equal rights. Years passed, and now we can not only purchase every possible commodity for crypto but invest in Bitcoin at ease with approved ETFs.
Given this, the instance of the aforementioned token HOT becomes way more illustrative, as it allows to carry out real fiat transactions on blockchain, and about to unlock Ethereum-based transactions.
This summarises the altered approach towards investing, token development, and distribution in the market. However, the initial goal of achieving maximal decentralization is still held firmly.
It’s all fun and games until it’s educative
What marks the tendency of the new crypto investment approach is memecoins. First appearing amid the 2021 crypto hysteria, these meme-inspired assets are tightly rooted in the community. Up until this day, they stand out as community-driven tokens, whose fanbase is pushing assets to the limit.
This explains how with dubious tokenomics, memecoins keep up holding their grip on the charts. Now that 2021 thrill was limited to two leading cryptocurrencies – Bitcoin (BTC) and Ether (ETH), as well as NFTs, in 2024 the first place in this rate goes to memecoins.
But the forefront of the new crypto market is not all about senseless hopium. In the past years, the importance of crypto education has been stressed and brought to life. This sentiment did not touch the community only but spread out to the users rather distant from crypto.
This is indicated by a 2022 survey from Study.com, which reveals that about two-thirds of American parents and college students conversant with cryptocurrencies thought the topic should be taught in schools as mandatory.
But how are memecoins related to the public enlightenment? We have already researched this topic, and came to a pretentious conclusion: memecoins are playing an important educative role.
Simply put, the skyrocketing popularity of such bizarre coins brings encouragement to more and more users, creating a win-win situation: the community is expanding while beginners are learning about crypto in entertaining form, and the total rate of crypto awareness is growing, bringing crypto adoption closer. What a ploy!
Last, but not the least
However advanced crypto has become since the previous bull run, it still contains FOMO, FUD, and other harmful tricks. So stay safe in the market, and never forget about consistency and a cold head. WAGMI.
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Paul Osadchuk
I am a crypto-enthusiast with 5-year experience in copywriting. Worked for web3 companies and cryptocurrency exchange, which drove my keen interest towards the industry. Been writing for different publications on cryptocurrency, technology, economics and politics.