Steemit Crypto Academy Contest / S14W6 - Future Of Cryptocurrencies

edited using pixellab

The year is 2024, and cryptocurrency is in a very different place than it was in the previous years. After the bust and boom of the passing year, the industry is bound to experience major challenges that could either make or break it. Governments around the world and Central Banks are finding how to regulate crypto and there is a risk that over regulation may strangle innovation. Meanwhile, the foundational technology behind crypto is still evolving, where new manners and use cases are emerging all the time.

As we enter 2024, what is the future of cryptocurrency? This post will let you know about that on my own view.

If we're looking at cryptocurrencies under $1 that can have the best performance in the year 2024, one that could have such is Cardano (ADA). There are also other coins under $1 that may have a strong performance too such as Ripple (XRP), Dogecoin (DOGE), Polygon (MATIC), Trons (TRX) etc.

The Cardano (ADA) is a decentralized public blockchain and cryptocurrency project that was founded by Charles Hoskinson, who was also a co-founder of Ethereum. The set goal of the project is to become a more sustainable and scalable version of Ethereum. The ADA token, which is the native cryptocurrency of Cardano, is currently trading below $1 at $0.6033.

In terms of the fundamentals of Cardano (ADA), this cryptocurrency has a lot to offer. As an upgrade from the first and second generation (Bitcoin and Ethereum), Cardano (ADA) considers itself as the third generation. Its consensus mechanism known as Ouroboros, us energy sustainable and efficient. It uses a proof-of-stake (pos) algorithm rather than the more energy intensive proof-of-work algorithm used by Bitcoin.

With a strong development team, focus on peer-reviewed research and a pledge to open source development, Cardano also has a strong community of supporters and investors. Overall, the fundamentals ( fundamental analysis) of Cardano are strong and it definitely has the potential to become a major player in the future of cryptocurrency...

I highly recommend buying this cryptocurrency for anyone who wants to hold tokens under $1 with potential for best performance in this year. Earlier today, it was mentioned that Cardano (ADA) is projected to skyrocket past $1 this January, as it experiences resistance after high records.

Below is a step by step procedure on how to buy the Cardano (ADA) token from the popular exchange called binance. The procedures includes purchasing the Tether USDT and thereby converting it to ADA..

STEP/PROCEDURES ALONG WITH IMAGES

Step 1: You have to open the binance application on your device, sign up if you don't have an account and get verified to be enabled for trading features. If you have an account already, you can log in or perhaps it's already logged in.
Step 2: Click on p2p to start to make purchase in the Tether USDT.
Step 3: Click on buy at the top left corner.
Step 4: Click on amount and it then takes you to the next page.

Step 5: You now have the page where you write the amount of USDT you want and click on buy where you get see the bank account details of the seller and then the deal is done for that.

Step 6: We're done purchasing the USDT, it's ime to convert it to ADA. All you have to do is go back to the main menu and click on the trade icon at the bottom.

Step 7: Click on convert and you will be asked what you want to convert your USDT to? And you search for ADA on the "to" section.

Step 8: After Choosing ADA, input the amount of USDT to convert to ADA. As you can see, I wrote 10 and which will be converted to 16.17095084 ADA. Click on preview conversion to continue.

Step 9: Click on deposit and you will have your ADA coin converted from USDT and transferred to your balance.

This is a very interesting question! While generally, it is impossible to accurately predict the future price of any cryptocurrency, there a few factors that could affect the price in 2024.

One is the total market performance and sentiment of the crypto market. If the market continues to grow rapidly and there is an increase in the adoption of cryptocurrency the price of STEEM could potentially increase also.
Additionally, the success of our beloved Steemit platform and it's ability to attract new users and content writers will also play a huge role in the future price of STEEM.

And I can definitely say that the price of STEEM in 2024, will increase because lately, we have experienced a movement in it price. More users have been joining the platform....

Sincerely I think there is not guarantee that the future of cryptocurrency will be bright since there are many reasons to be optimistic about its potential. But from my research, the future of cryptocurrency tends to be promising because of the following factors.

• The global rate of people using crypto has drastically increased from 10 million in 2017 to 400 million in 2023. This is because the security and transparency of transactions on a Blockchain technology, a decentralized ledger that records all transactions.

• The Blockchain has been recently used in a wide range of industries including healthcare, finance, supply chain management and more. The potential utilization of Blockchain is nearly limitless being used by individuals, businesses and governments which there are many reasons for cryptocurrency to gain popularity in the coming years and have a good future...

As of November 2023, there are 10,748 cryptocurrencies in existence buy not all are active, leaving around 8,848 active ones. There are around 420+ million cryptocurrency users around the globe and the data of crypto adoption in the world is given below in a tabular form

Source

To sum It all up, the future of cryptocurrency cannot be accurately predicted. So make proper analysis to predict the price of any token/coin just like STEEM. You can technically use the Simple Moving Average (SMA) indicator to do so. We hope for the best!!

Thanks for reading..

I invite @bossj23, @emmyjnr and @kidi40