Latest Virtual Currency News (May 2024)

1. bitcoin and the outlook for ETFs
2. growth of ethereum and Layer 2 network
3. revival of the NFT market
4. solana and other Layer 1 blockchains
Increase in corporate holdings of cryptocurrencies
6. progress of GameFi
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1. bitcoin and the outlook for ETFs

Bitcoin's half-life, scheduled for April 2024, is expected to be a factor in boosting Bitcoin's price. In particular, the expected approval of a U.S. spot bitcoin ETF is expected to further boost bitcoin's market value; according to Van Eck's forecast, bitcoin could hit a new high by the end of the year (CoinMarketCap)。

2. growth of ethereum and Layer 2 network

Ethereum continues to show strong performance, with Layer 2 networks (e.g. Polygon, Arbitrum) expected to lead in total value locked (TVL) and transaction volume. In particular, proto-dunk sharding of EIP-4844 is scheduled for 2024, which is expected to significantly increase the scalability of Ethereum (CoinMarketCap)。

3. revival of the NFT market

The NFT market is projected to experience a major resurgence in 2024. Bitcoin-based NFT trading volumes are expected to increase, with Ethereum collections and new crypto games in particular driving the market. The battle for market share between centralized and decentralized exchanges (DEXs) is also attracting attention, with advances in high-throughput chain and wallet technology influencing the trend (CoinMarketCap) (CoinDesk)。

4. solana and other Layer 1 blockchains

Solana is showing growth following Q4 2023 and could rank among the top 3 blockchains by market value and TVL. The introduction of a new price oracle, Pyth, also suggests the possibility of going beyond chain link (CoinMarketCap)。

Increase in corporate holdings of cryptocurrencies

The new accounting treatment (FASB reporting) is expected to increase corporate cryptocurrency holdings. This is expected to allow companies such as Coinbase to benefit from reporting Layer 2 blockchain revenues (CoinMarketCap)。

6. progress of GameFi

In the blockchain gaming sector, at least one game is projected to exceed 1 million active users per day. This indicates the maturity of the sector. In addition, the rise in GameStop's stock price could trigger an altcoin rally, signaling the beginning of the 2024 altcoin season (Cointelegraph) (CoinMarketCap)。

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