Don’t speak too loudly just yet, but it looks like we could maybe, potentially, hopefully, be making our way out of the crypto winter. And this could be a great thing for crypto-based industries.
There are many such industries and organisations across the metaverse, but one of the most seismic is probably the crypto gambling arena.
After SOFTSWISS pioneered the first crypto casino back in 2013, the industry soared in popularity, with many choosing crypto casinos due to their safety, convenience, and anonymity over regular online casinos. In 2024, there are now multiple crypto gambling sites, each of which aim to provide inclusivity for the crypto community, with thousands of games to choose from and bonuses of up to 200%.
The Hit to Crypto Casinos
While the crypto winter hasn’t been crippling by any stretch of the imagination, it hasn’t been helpful. For those who don’t know, this winter began back in 2022, when Terra’s depegging exposed some fissures in the cryptocurrency industry. From that point on, currencies have been lower than in recent years across the board, with Bitcoin falling from a mighty $68,000 to a measly $16,000.
Without this winter, crypto casinos could be even more popular than they are today. According to recent statistics, around 48.6% of crypto holders use their tokens exclusively for gambling. But with the fall in crypto prices leading to a decrease of around $2 trillion in less than a year, the bear market has led to a lack of confidence in crypto, subsequently halting potential members from jumping on board.
The End of the Crypto Winter
There’s no way of saying how popular cryptocurrency would have been in 2024 – nor how many new members would have joined the market – if this current crypto winter didn’t happen. Even with the latest crypto news, projections and predictions in the crypto world are as difficult to make as your grandma’s perfect lasagne.
But for these organisations, the important thing is that it did happen, and it’s a good thing that the market has found a way to deal with it, despite some believing that the Terra-caused crater was too deep to get out of.
Throughout 2023, tokens across the board have been steadily bouncing back, with Bitcoin, specifically, gaining around 150% in total. With positive news stories yet to come in 2024 – including the SEC approval of Bitcoin ETFs, which occurred back in January – the market is set to end the year on its highest value since December 2021, and this could be a clear indicator that the winter is coming to an end.
As the outlook becomes more popular for crypto, so too will it look positive for crypto casinos, which are expected to accept millions more players worldwide. Although there are queries about whether the adoption rates will sustain long-term prospects for crypto casinos, the niche is expected to increase by nearly 100% by 2030, as more and more newcomers jump on the crypto train and discover their worth. As we said before, it’s hard to predict anything in the world of crypto. But if this winter really does end in 2024, it surely could spark a new beginning for the crypto gambling sector.