Crypto market to double in size to $5 trillion in 2024

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Brad Garlinghouse, CEO of Ripple, predicts that the cryptocurrency market’s total market capitalization could exceed $5 trillion this year. He attributes this growth to various macro factors, including the approval of the first U.S. spot bitcoin exchange-traded funds (ETFs) and the upcoming bitcoin “halving.”

Garlinghouse expressed optimism about the increasing institutional interest in cryptocurrencies, driven by the introduction of ETFs and the supply-demand dynamics in the market. The recent approval of U.S. spot bitcoin ETFs and the upcoming bitcoin halving event, which reduces mining rewards, are contributing to this positive outlook.

Bitcoin’s market capitalization, accounting for nearly half of the overall crypto market, was around $1.3 trillion as of April 1. With Bitcoin experiencing significant price increases over the past year, hitting a record high of over $73,000 on March 13, there are expectations for continued growth and market expansion.

Garlinghouse also pointed to the potential for positive regulatory developments in the U.S., which could further boost the crypto market. Despite recent regulatory enforcement efforts by entities like the SEC, there is hope for a more favorable regulatory environment for cryptocurrencies under new leadership.

Other industry experts, such as Marshall Beard of Gemini, anticipate further growth in the crypto market, with predictions of Bitcoin reaching $150,000 later this year. Factors like rapid adoption, regulatory changes, and supply shocks are expected to drive volatile price movements in the market.

Overall, there is a bullish sentiment among industry players regarding the future of the crypto market, fueled by various external factors like regulatory developments, institutional interest, and market trends.

Brad Garlinghouse, the CEO of blockchain startup Ripple, predicts that the combined market capitalization of the cryptocurrency market will surpass $5 trillion this year. He attributes this growth to macro factors such as the approval of the first U.S. spot bitcoin exchange-traded funds (ETFs) and the upcoming bitcoin halving event. Garlinghouse believes that these factors will drive real institutional money into the market, leading to increased demand and decreased supply. He anticipates that the total market cap of the crypto industry will double by the end of the year, reaching around $5.2 trillion.

The approval of U.S. spot bitcoin ETFs on January 10 by the U.S. Securities and Exchange Commission allows institutions and retail investors to gain exposure to bitcoin without directly owning the underlying asset. The bitcoin halving event occurs roughly every four years and halves the total mining reward to bitcoin miners. The last event took place in 2020, with the next one scheduled to happen later this month. Garlinghouse views these events as key drivers for the anticipated growth in the crypto market.

As of April 4, the total crypto market capitalization was around $2.6 trillion, with bitcoin accounting for about 49% of the market. Despite hitting a record high above $73,000 in March, bitcoin has since fallen below that level. Positive regulatory momentum in the United States, especially during an election year, is expected to further boost the crypto market. Garlinghouse predicts that there will be more clarity and a more accommodative stance towards the crypto industry in the U.S., potentially leading to increased adoption and investment in cryptocurrencies.

Garlinghouse’s bullish predictions align with those of other crypto industry experts, such as Marshall Beard, the COO of U.S. crypto exchange Gemini, who anticipates the bitcoin price reaching $150,000 later this year. Beard attributes this potential surge to various factors, including increased adoption, new regulation, ETFs, the halving event, and supply shocks in the market. He believes that the market will continue to experience volatile movements until reaching a new all-time high, which he expects to happen at the $150,000 mark.

Overall, Garlinghouse and other industry insiders are optimistic about the growth potential of the cryptocurrency market in 2022, citing positive macro factors, regulatory developments, and increased institutional interest as key factors driving the market towards new highs.

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