Analysts Predict Crypto Market Cap Could Reach $3.2 Trillion in 2024
According to the recent Bitfinex Alpha report, experts are optimistic about the future of the cryptocurrency market. They estimate that by 2024, the market capitalization of the crypto sector could increase to $3.2 trillion. The report also suggests that the number of global cryptocurrency owners could reach between 850 and 950 million, up from the current 575 million.
“Looking ahead to 2024, and contingent upon market conditions, we anticipate that the number of global cryptocurrency owners could escalate to between 850 and 950 million (from 575 million currently).”
Bitfinex Alpha report
Expectation of “Extreme Greed” Sentiment and BTC Highs
The Bitfinex analysts predict that in 2024, there will be an “extreme greed” sentiment according to the Crypto Fear and Greed Index. This sentiment is expected to correlate with new highs for Bitcoin during the middle of a bull market.
Potential Capital Shift into Higher-Risk Crypto Assets
Institutional investors are anticipated to increase their exposure to crypto assets next year, particularly with the introduction of spot Bitcoin ETFs. This may lead to a shift in capital towards higher-risk crypto assets.
“In the shorter-term, it is instructive to look at the market value of bitcoin about its realized value: the MVRV [(market-value-to-realized-value)] metric.”
Bitfinex Alpha report
A “Healthy” State for the Cryptocurrency Market
The overall assessment by analysts is that the cryptocurrency market is currently in a “healthy” state. This suggests that there is room for Bitcoin prices to continue rising, with limited selling expected from miners.
Spot Bitcoin ETF Approval Could Drive BTC Price to $50,000
Matrixport analysts previously stated that if spot Bitcoin ETFs are approved in early January, the price of Bitcoin could reach $50,000 by the end of the month.
Historical Trend of Bitcoin Price Surge during Holidays
Experts also mentioned the historical trend of Bitcoin prices increasing between Christmas and New Year. In 2020, the price rose by 22% during this period.
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