There is a big concern in the crypto world because of the fluctuating cryptocurrency prices. Many traders are worried that the prices keep going lower instead of higher, which makes them wonder if it is a worthy investment anymore. The biggest cryptocurrency of them all, Bitcoin, the first in the market, is also not exempt from speculation that it may not do as well as expected. This uncertainty has seen a few people start investing in other ventures that have fewer risks. However, as bad as things look, Bitcoin remains the most robust cryptocurrency in the market, and there is hope that this year may be one of the best for Bitcoin to hit all-new high levels.

The year started with the news that the largest crypto exchange in Canada, Quadriga, had lost access to close to $200 million worth of bitcoin and other cryptocurrencies after their chief executive and co-founder Gerald Cotton lost his life due to complications from Cohn's disease. He passed away with passwords and recovery keys to the company's computers. Despite this devastating news, the value of Bitcoin did not fall but continued to rise. The value instead increased. According to Bitstamp, an exchange based in Luxembourg, the value of Bitcoin increased by 1.5%, which many people did not see coming. 

Why It Is Viable To Invest In Bitcoin In 2024

In 2017, bitcoin prices skyrocketed to very high levels. Many people expected the same trend to continue in 2018, which did not happen. At the beginning of 2018, the prices dropped tremendously, and crypto performed very poorly at the end of the year. This bearish trend alarmed many potential investors, and the question was whether Bitcoin was a viable venture anymore. Despite all the uncertainties, crypto experts say 2024 will be a big year for Bitcoin.

Below Are Some of the Reasons

The Bitcoin logo design makes it one of the market's most reliable and trusted cryptocurrencies. It is the currency of choice for many traders and still has the largest share of market capitalization. Since the demand for cryptocurrencies is not dying anytime soon, many prefer trading with a digital currency, which they are sure to sell and bring in returns.

Bitmain, one of the few mining giants, closed another of its offices in Amsterdam. Some experts suggest that even though the move is terrible for Bitmain, it will help to decentralize the Bitcoin mining space, making it more viable.

Across the Far East, the South Korean government announced that it would offer tax breaks to its blockchain companies. These companies will receive 20% to 40% tax relief on any R&D expenditures. In the United States of America, Coinstar kiosks nationwide will begin vending Bitcoin vouchers, accepting up to $2,500 for Bitcoin purchases. This will encourage innovation and thus develop the emerging technological innovation of cryptocurrencies.

Wrapping It Up

Though different analysts have varying predictions over Bitcoin's performance in 2024, most predict this may be a good year for the most preferred digital currency. The infrastructure surrounding cryptocurrency looks much more promising than it did last year. With big names like Coinbase, Blockchain, and Circle influencing big financial institutions to join the crypto market, there is hope that things will only get better. Therefore, it is safe to say that Bitcoin was still viable in 2024.