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Bitwise Published 10 Predictions about the Crypto Market in 2024

Crypto asset management company Bitwise recently announced 10 somewhat positive forecasts for the cryptocurrency market in 2024.

Bitwise Published 10 Predictions about the Crypto Market in 2024

Bitwise published 10 predictions about the crypto market in 2024

Starting the article, Bitwise stated that 2023 is a positive year for the market and the company believes that 2024 will mark many major advances in the market.

Below are Bitwise’s 10 “bold” predictions about the cryptocurrency market in 2024:

  • Prediction 1: Bitcoin (BTC) price will surpass the $80,000 mark, setting a new record peak.
  • Prediction 2: Bitcoin spot ETFs will be approved and see the most successful ETF launch in history.
  • Prediction 3: Coinbase’s revenue will double, exceeding Wall Street experts’ expectations by at least 10 times.
  • Prediction 4: Stablecoins will be used more than Visa.
  • Prediction 5: JPMorgan will tokenize an on-chain fund as Wall Street prepares to tokenize real assets (Real World Asset).
  • Prediction 6: Ethereum’s revenue will more than double, reaching $5 billion as users increase their use of cryptocurrency applications.
  • Prediction 7: Taylor Swift will launch NFTs to interact with fans.
  • Prediction 8: Artificial intelligence (AI) will use cryptocurrency to pay for things online, asserting that crypto is the “native currency of the Internet”.
  • Prediction 9: More than 100 million USD will be invested in prediction markets as they become the new “killer app” in the market.
  • Prediction 10: A major Ethereum upgrade (Dencun/EIP-4844) will reduce average transaction costs to less than 0.01 USD, paving the way for many applications on this blockchain.

It seems that most market participants expect that 2024 will be a bullish year. Partly because this was the year Bitcoin experienced the Bitcoin Halving – a halving of block rewards that miners receive, causing increased scarcity for Bitcoin. Additionally, there are several macro factors such as the possibility of approval of a Bitcoin spot ETF, the onboarding of Real World Assets (RWA), the Fed’s decision to reduce interest rates, and many others. They all contribute to attracting outside cash flows that help the cryptocurrency market grow.

Matrixport has also made similar predictions to Bitwise, saying that Bitcoin price will reach $125,000 by the end of 2024. In contrast, JPMorgan Chase analysts believe that Ethereum will be a better investment choice than with Bitcoin in 2024.

Source: AZC News

Disclaimer. This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

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