What do Bitcoin’s all-time high prices mean for the crypto industry in 2024?

The long-awaited Bitcoin (BTC) price rally finally happened on March 5 after the world's first cryptocurrency surged above $69,000.

And there we are. We are officially in a bull market.

During the last bull market, developers, projects and artists all shared their lofty goals and ideas on how crypto and blockchain will change the entire world. While some did, in fact, many failed.

So, now that market conditions have finally improved, everyone has another chance to deliver what was promised. The agenda, hosted by Jonathan DeYoung and Ray Salmond, is that with better market conditions and profitable balance, blockchain projects should have enough runway to build products and services that hope to solve many of the world's problems.

In episode 31 of the agenda, Salmond and DeYoung share their thoughts on Bitcoin's price hitting a new all-time high and what this could mean for crypto in 2024.

Bitcoin's phoenix moment is a sign of a maturing asset and market.

Once one gets past the euphoria and adjustment surrounding Bitcoin hitting a new all-time high, a more contemplative mood sets in, considering the significance of the milestone.

When asked what BTC's price going to the moon means in the grand scheme of things, Salmond suggested that it's a “sign of maturity,” especially considering the following:

“EFAs are like infinite interest buyers, aren't they? They're like endlessly aspiring shoppers. Every day for the last two or three weeks they were buying at least $500 million every day or $450 million every day. Even today, when the price of Bitcoin was selling off after reaching a new all-time high, ETFs like IBIT from BlackRock were trading as many as 1 billion shares.

DeYoung expressed his surprise that, unlike previous bull markets seen in 2017 and 2020, the social buzz of non-crypto bros and not checking his portfolio value every five minutes.

“I came here for more. So yeah, now that the price is back, I feel a little bit left out of that. And I think we're right — I mean, you can correct me if you don't agree — but I feel like we're just getting into this bull run and I'm hearing a lot of hype about hitting $69,000. Prematurely, I guess. ”

2024 will be more about results than ideas.

Salmond and DeYoung The success of blockchain and crypto in 2024 will be defined by the ability of developers to deliver valuable products and services rather than the value of their tokens. DeYoung said:

“Hopefully, this means that some of the people who are riding the wave will take their money and put it into more desirable projects. As they made their money. […] Incentive plays, maybe big projects that make less money. Now you've got some extra ETH, and you can help a friend's passion project get off the ground, or throw it into cool and unique use cases.

Deyoung pointed out that the collaboration between crypto and artificial intelligence will continue to strengthen as the importance of data filtering and media become more important. According to DeYoung, blockchains seem perfectly suited for measuring and verifying information, and he expects them to play a critical role in media and possibly government in the coming years.

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On the other hand, Salmond Music hopes that non-fungible tokens (NFTs) will become a trendy industry again in 2024:

“You know, the market exploded two years ago. So, I thought the Phoenix Music of NFTs would be NFTs. I thought that was one of the most meaningful and high-growth sub-sectors of the industry – it would be easy to bridge the gap between Web3, blockchain and the traditional music industry. And there were so many platforms and people raising tens of millions for music NFTs that I was surprised nothing happened.

Salmond admits that perhaps the high expectations are impatient, something he says is critical in the fintech space:

“One thing I've learned investing in Ethereum, Bitcoin maybe, but certainly Ethereum and some of the coins like Ethereum — one thing I've learned about technology companies is that you don't expect results at the end of one year, or at the end of two years, or even at the end of three years. You expect the results at the end of five or 10 years. Like ETH, it's obviously a five to 10 year investment.

To hear more from Jonathan and Ray's conversation on The Agenda — including juicy details about the upcoming episode's guests — listen to the entire episode on Cointelegraph's Podcasts page, Apple Podcasts, or Spotify. And don't forget to check out Cointelegraph's full lineup of other shows!

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This article is not intended for general information purposes and should not be construed as legal or investment advice. The views, ideas and opinions expressed herein are solely those of the author and do not necessarily represent the views and opinions of Cointelegraph.