Who remembers the ‘golden age’ of cryptocurrency? Bitcoin dominated the market for a number of years, and propelled cryptocurrency into a public spotlight. It captured the attention of tech enthusiasts and curious minds alike. Bitcoin wasn’t just about technology; it was about ideology. It represented a movement—a rebellion against the status quo.
It wasn’t long before other cryptocurrencies started to emerge, each with its own unique features and objectives. However, in recent years, there’s been a lack of progression in the cryptocurrency space. Hacks, volatile markets, and lack of consumer trust have all contributed to a shift in the world of crypto.
What is the current state of cryptocurrency?
Despite dips in the market, the landscape of cryptocurrency has evolved, albeit slower than the initial 2009 boom. With mainstream adoption such as banks and other financial institutions recognising and encouraging crypto transactions, consumers are seeing cryptocurrency like any other. Bitcoin still remains the dominant currency: see its current value here.
Ethereum has also seen significant changes, particularly in 2024. After the approval of nine spot ETH ETFs by the U.S. SEC in July 2024, Ethereum faced initial net outflows of $484 million, leading to a 1.6% decline. Despite these challenges, Ethereum’s position as a leading blockchain for decentralised applications remains strong.
What can we expect to see from bitcoin and cryptocurrency as a whole in the future?
It seems as though Bitcoin and other cryptocurrencies are here to stay, and recent developments, including the approval of Ethereum ETFs and strategic initiatives by political figures, suggest a potential resurgence. However, the market remains sensitive to regulatory changes and investor sentiment.
While regulations initially dampened enthusiasm, the crypto market has demonstrated resilience. With mainstream adoption growing and significant institutional interest, the future of crypto may indeed be stronger than ever. However, as always, the proof will be in the pudding!
Regulatory changes were a negative contributing factor to the world of crypto, as a world that was once ‘shut off’ from rules and regulatory laws could be scrutinised, and essentially, controlled. The initial beauty of crypto was that it was truly available to everyone – whether you were in a developing country with limited internet access or a woman living in a country without equal rights.
Crypto allowed for diversity and equal opportunity, particularly within gender equality. Regulatory changes that were discussed in 2022 and later enforced in 2023 did cause the crypto market to fizzle out for a while. However, now that the dust has settled, regulations haven’t stopped individuals from investing in crypto and giving it a second chance.
See our piece on ‘The Crypto Boom’ here for more information.
