Bitwise Invest Reveals Crypto Predictions for 2024
Bitwise Invest, a crypto-focused investment firm, has released its anticipated predictions for the cryptocurrency industry in 2024. These projections offer insights into the future of major cryptocurrencies like Bitcoin and Ethereum, as well as exchanges such as Coinbase.
Bitcoin Expected to Reach New All-Time Highs
According to Bitwise’s predictions, Bitcoin will surpass previous records and trade above $80,000, setting a new all-time high. This bullish outlook is attributed to the launch of a spot Bitcoin exchange-traded fund (ETF) and the anticipated halving of new Bitcoin supply by April 2024. Bitwise also expects the spot Bitcoin ETFs to be approved and become the most successful ETF launch in history.
Additionally, Bitwise predicts that Coinbase’s revenue will double and exceed Wall Street expectations by at least 10 times. The firm points out that Coinbase’s trading volumes typically increase during bull markets, and they anticipate a similar trend in 2024.
Stablecoins to Surpass Visa in Settlement Volume
Bitwise predicts that more money will settle using stablecoins compared to traditional payment giant Visa. The firm highlights stablecoins as one of crypto’s “killer apps” and notes their remarkable growth from virtually zero to a $137 billion market in just four years. Bitwise expects stablecoin expansion to continue in 2024.
Ethereum’s Revenue to Double with Potential Breakthrough
Bitwise anticipates Ethereum’s revenue to more than double from $2.3 billion in 2023 to $5 billion in 2024. This growth is attributed to an increasing number of users adopting crypto applications. The firm also expects a major upgrade called EIP-4844, which could significantly reduce average transaction costs on the Ethereum network to below $0.01.
Increased Adoption by Financial Advisors
Bitwise’s bonus prediction suggests that by the end of 2024, one in four financial advisors will allocate funds to cryptocurrencies in their clients’ accounts. The firm predicts that financial advisors will embrace crypto once it becomes easily accessible and mainstream.
Hot Take: Exciting Future for Cryptocurrency Market
Bitwise Invest’s predictions for 2024 indicate significant advancements in the cryptocurrency market. With expectations of a new all-time high for Bitcoin, the launch of spot Bitcoin ETFs, and revenue growth for industry giants like Coinbase and Ethereum, the crypto space is poised for exciting developments in the coming years.
As of the current update, ETH is trading at $2,200, reflecting a 1.4% increase over the past 24 hours. This positive movement follows a similar trend set by BTC. However, Ethereum has experienced a slight decline of 2.4% in the past seven days.
Featured image from Shutterstock, chart from TradingView.com
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