Bitcoin is on the verge of reaching an unprecedented milestone, as Bitwise, a senior research analyst, predicts that the cryptocurrency will achieve a new all-time high of $80,000 in 2024.
This bullish projection is part of a larger set of predictions for the crypto industry in 2024, as outlined by Bitwise’s Ryan Rasmussen in a post on X (formerly Twitter) on December 13.
One of the standout trends in these predictions is the remarkable growth of the stablecoin industry. Bitwise anticipates that stablecoins will soon surpass Visa’s payment volume, recognizing these dollar and asset-pegged tokens as one of crypto’s most significant innovations.
By the third quarter of 2023, Visa had processed over $9 trillion in payments, while stablecoin trading volume had already exceeded $5 trillion.
Rasmussen highlighted the remarkable rise of stablecoins, with their market capitalization growing from nearly nothing to a staggering $137 billion within just four years.
Given this trajectory, he expects stablecoins in 2024 to continue expanding in both trading volume and utility.
Bitwise’s optimism regarding stablecoins is not unique, as Circle CEO Jeremy Allaire also expressed confidence in their growing demand.
Allaire noted the increasing appetite for internet-enabled digital dollars, emphasizing the need for such a secure and accessible digital currency.
Furthermore, asset manager Van Eck predicts that the total stablecoin market capitalization will reach $200 billion by the end of 2024.
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Rasmussen also foresees a prosperous year ahead for Bitcoin, projecting a price exceeding $80,000 in 2024.
He attributes this optimism to the anticipated launch of the first spot Bitcoin exchange-traded fund (ETF) and the upcoming halving event in April, both of which are expected to drive significant price growth.
However, Bitcoin price predictions for 2024 vary widely among analysts and experts.
Some anticipate an average price of at least $100,000, while others set targets as high as $250,000 or even $1 million.
Bitwise speculates that not only will the spot Bitcoin ETF be approved, but its launch will be the most successful ETF launch in history, amassing $72 billion in assets under management within the next five years.
Bitwise is among 13 financial institutions seeking approval for a spot Bitcoin ETF from the United States Securities and Exchange Commission.
In addition to Bitcoin, Ethereum is poised for substantial improvements in 2024, with Bitwise expecting a 100% increase in revenue to $5 billion.
This prediction hinges on the EIP-4484 upgrade, which could reduce gas costs on the Ethereum network to below $0.01.
Beyond crypto assets, Coinbase is predicted to thrive during the anticipated bull market of 2024, with Bitwise forecasting a remarkable 100% growth in revenue for the exchange platform, surpassing Wall Street’s expectations tenfold.
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