If you think Wall Street had a phenomenal year, take a closer look at how the cryptocurrency space fared in 2023. As of the early morning hours on Dec. 28, the aggregate value of all listed cryptocurrencies on CoinMarketCap.com had increased by a cool 115% year to date.

Though there are thousands upon thousands of digital currencies to choose from, it’s Bitcoin (CRYPTO: BTC) and Ethereum that have done most of the heavy lifting. When 2022 came to a close, Bitcoin and Ethereum collectively accounted for 58% of the $795 billion crypto market cap. As of Dec. 28, these two juggernauts are responsible for 67% of the aforementioned $1.71 trillion value of the crypto market.

But it’s not about where digital currencies have been so much as where they’re headed next. Following an exceptionally positive year, here are four cryptocurrency predictions for 2024.

1. “Buy the rumor, sell the news” will be Bitcoin’s theme in 2024

There are a number of reasons Bitcoin surged by more than 160% in 2023. This includes positive sentiment throughout key U.S. financial markets, the belief that a spot Bitcoin exchange-traded fund (ETF) will be approved by the Securities and Exchange Commission (SEC) in January, and the expectation of Bitcoin’s “halving” event, which is expected to occur in April 2024.

The latter two catalysts have been particularly important. Financial institutions have, for years, attempted to garner approval to list a Bitcoin ETF, only to be spurned by regulators who have claimed that the crypto space was rife with manipulation. A handful of approved Bitcoin ETFs would allow greater access to the top crypto token through more standard channels (i.e., without having to buy Bitcoin on a crypto exchange).

Likewise, Bitcoin’s halving event will reduce the block reward given to cryptocurrency miners by 50%. Bitcoin has a history of rallying into halving events as it results in fewer tokens being minted on a daily basis.