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Published Dec 12, 2023

VanEck’s 2024 Crypto Predictions with Matthew Sigel

David Hoffman and Ryan Adams delve into 2024's crypto landscape with Matthew Sigel, examining Bitcoin's growth amid a U.S. recession, NFT market resurgence, blockchain gaming breakthroughs, and the evolution of DeFi led by Ethereum's innovations and Solana's advancements.
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  • NFT Resurgence

    NFTs are experiencing a resurgence, with activity expected to reach new heights in 2024. predicts that NFT activity will gravitate towards top collections on Ethereum, better crypto games, and new Bitcoin-based offerings 1. He highlights a significant shift in the issuance value ratio of NFTs from Ethereum to Bitcoin, which has moved from 50:1 to 1:1 in recent months.

    We're making a call that for 2024, that ratio will be three to one eth to BTC, which is still enormous progress for bitcoin.

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    This indicates a growing interest in Bitcoin as a platform for NFTs, challenging Ethereum's dominance 1.

       

    Gaming Breakthrough

    Blockchain gaming is poised for a breakthrough, with predictions of a game surpassing 1 million daily players in 2024. notes that Immutable X is set to climb market cap ranks with key releases and innovative wallet management 2. He emphasizes the $14 billion investment in web3 gaming over the past three years, suggesting that a real breakthrough game will emerge from this substantial funding.

    Our call is that from this $14 billion in investment, a real breakthrough game will emerge that can surpass 1 million plus daily active users.

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    Immutable's partnerships with Epic Games and GameStop further bolster its potential to capture significant market share 2.

       

    Stablecoin Surge

    The stablecoin market is expected to hit record highs, with USDC poised to overtake Tether in market share. foresees the total value of stablecoins on-chain reaching over $200 billion, driven by new regulated stablecoins in Europe and yield-bearing options 3. He also predicts that institutional adoption will favor USDC, catalyzed by potential regulatory actions against Tether.

    We think there's going to be more institutional adoption this year and those institutions will reveal a preference for USDC.

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    Additionally, the emergence of tokenized treasuries could influence stablecoin dynamics, although challenges remain in passing treasury yields to stablecoin holders 4.

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