Elon Musk keeps Dogecoin in CoinMartketCap top 10 and Bitcoin halving in 2024 could start new bull market

0

Last Updated on 4 March 2024 by CryptoTips.eu

Memeseason, the term that indicates that we are in a time when memecoins dominate the news, is clearly trending on social media. In a so-called ‘ask-me-anything’ interview organized on Twitter this week, Binance CEO Changpeng Zhao claimed he doesn’t really understand the point of memecoins, but it’s one of those things that makes crypto so much fun. He also stated that he believes Dogecoin’s success is solely due to Tesla boss Elon Musk.

Bitcoin is caught between two levels (a $25k floor and a $30k ceiling) for about a month now, as more and more commenters are wondering when the new bull market will really start. We don’t really know that for certain, but it is clear that the ‘halving‘ of 2024 is a good indicator.

Advertentie.

Life extension

Memecoins like Ladys, Pepe and Dogecoin don’t have any clear usable functionality, but they exist and are being traded in great numbers.

Asked about the use of such memecoins, Binance CEO Changpeng Zhao said:

There’s things in any industry that not anybody understands, like memecoins. One memecoin that actually surprised me was Dogecoin. It has super long lasting power. I thought it would have disappeared a long time ago, but Elon Musk had latched onto it and extended its life maybe, so there are things that, even in crypto, that I may not understand how to use, but it is what it is.

Halving 2024

A new Bitcoin bull market has been predicted several times this year already. During the first quarter, when the largest digital currency rose from $17k to $30k, it seemed that it had started, especially when several US banks went bankrupt in March. But over the course of the last month or so, Bitcoin has clearly been caught in a broad trading band and is hardly moving.

So when can we expect another bull market?

The next Bitcoin halving, likely around May 2024, seems like a good historical indicator. At that point, the reward for Bitcoin miners will be halved to 3,125 Bitcoins per block. In the past there was a bull market after just about every halving, but also keep an eye out for economic conditions, global political events (how will the war in Ukraine end) and the introduction of new regulations such as the European MiCA of course.

magann / Depositphotos.com

Jeroen Kok

Jeroen is one of the lead copywriters on Cryptotips.eu and discusses all recent events in the crypto market. This includes news updates, but also price analyzes and more. He developed his passion for cryptocurrency during the bull run in 2017. He has learned a lot since then. The combination of cryptocurrency and creative writing is perfect for Jeroen and an excellent way to share his knowledge with a wide audience. Find me on LinkedIn / [email protected]
View all posts