Expected to double to $5 billion
Bitwise Invest, an investment company specializing in cryptocurrency, recently unveiled its highly anticipated cryptocurrency. prediction 2024.
These predictions provide a glimpse into the future of the cryptocurrency industry, highlighting key milestones and potential breakthroughs for the largest cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH) and exchanges like Coinbase.
Bitcoin is expected to break records
Bitwise’s first prediction suggests that Bitcoin will surpass previous records and trade above $80,000, setting a new all-time high. The company attributes this optimistic outlook to two key catalysts. Spot Bitcoin Exchange Traded Fund (ETF) is expected to launch in early 2024 and new Bitcoin supply will be halved by the end of April.
Additionally, Bitwise expects a spot Bitcoin ETF to be approved, making it overall the most successful ETF launch in history.
Interestingly, Bitwise predicted: coinbaseone of the largest cryptocurrency exchanges, is poised to double its revenue, exceeding Wall Street expectations by at least 10x.
The company notes that Coinbase’s trading volume typically surges during bull markets, and a similar trend is expected in 2024. Bitwise also highlights that Coinbase has successfully launched a variety of new products that have gained traction in the market.
On the other hand, the investment firm predicts that more money will be settled using stablecoins compared to traditional payments giants. Visa. Bitwise highlights stablecoins as one of the “killer apps” for cryptocurrencies and has recorded incredible growth from almost zero to a $137 billion market in just four years. Bitwise expects 2024 to be another important year for stablecoin expansion.
Ethereum Set for Major Innovations
Bitwise expects Ethereum’s revenue to more than double from $2.3 billion in 2023 to $5 billion in 2024. growth The number of users flocking to cryptocurrency applications is increasing. Bitwise highlights Ethereum’s potential as one of the fastest-growing large-scale technology platforms globally.
Bitwise also anticipates a major upgrade for Ethereum, marked EIP-4844, which could reduce average transaction costs to less than $0.01. These significant cost savings are expected to pave the way for mainstream adoption and development of groundbreaking applications within the cryptocurrency ecosystem.
According to Bitwise’s bonus forecast, by the end of 2024, one in four financial advisors will allocate funds to cryptocurrencies in their client accounts. The company expects Increased adoption As Bitcoin becomes more accessible and mainstream, it will be offered by financial advisors.
In summary, Bitwise Invest’s 2024 cryptocurrency forecast shows an exciting future for the cryptocurrency market. With Bitcoin’s new all-time highs, the successful launch of spot Bitcoin ETFs, and expectations for revenue growth from industry giants such as Coinbase and Ethereum, the cryptocurrency industry is poised for significant advancement in the coming years. .
As of current update, ETH is trading at $2,200, up 1.4% in the last 24 hours. This positive move follows a similar trend set by BTC. However, Ethereum has seen a slight decline of 2.4% over the past seven days.
Featured image from Shutterstock, chart from TradingView.com
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