Bitwise Invest, a specialized investment firm in the cryptocurrency sector, has recently disclosed its eagerly awaited crypto forecasts for the year 2024. These predictions offer insights into the future of the cryptocurrency industry, emphasizing significant milestones and potential advancements for major cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), and platforms such as Coinbase.
Anticipated Record-Breaking Performance Forecasted for Bitcoin.
Bitwise’s initial forecast indicates that Bitcoin is poised to exceed its previous records, reaching above $80,000 and establishing a new all-time high. The firm attributes this optimistic projection to two pivotal factors: the impending launch of a spot Bitcoin exchange-traded fund (ETF) in early 2024 and the expected reduction in new Bitcoin supply through halving by the end of April.
Additionally, Bitwise anticipates the approval of spot Bitcoin ETFs, predicting that they will collectively achieve unprecedented success and become the most prosperous ETF launch in history.
In a notable prediction, Bitwise also foresees Coinbase, one of the largest cryptocurrency exchanges, doubling its revenue, surpassing Wall Street expectations by a minimum of tenfold.
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The investment firm notes that Coinbase’s trading volumes typically experience a surge during bullish market conditions, and they project a similar trend in 2024. Furthermore, Bitwise underscores Coinbase’s success in introducing various new products that have gained traction in the market.
In contrast, the investment firm forecasts that more funds will be settled using stablecoins compared to the traditional payment giant Visa. Bitwise identifies stablecoins as one of the crypto’s “killer apps” and highlights their remarkable growth from virtually zero to a $137 billion market in just four years. Bitwise expects 2024 to mark another substantial year for the expansion of stablecoins.
Ethereum Poised for Significant Advancement
Bitwise anticipates a substantial increase in Ethereum’s revenue, projecting a surge from $2.3 billion in 2023 to $5 billion in 2024. The firm attributes this growth to the rising influx of users engaging with cryptocurrency applications. Bitwise underscores Ethereum’s potential as one of the rapidly expanding large-scale technology platforms on a global scale.
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Moreover, Bitwise envisions a significant Ethereum upgrade, identified as EIP-4844, which has the potential to lower average transaction costs to less than $0.01. This noteworthy cost reduction is anticipated to pave the way for widespread adoption and the emergence of groundbreaking applications within the cryptocurrency ecosystem.
As a bonus prediction, Bitwise suggests that by the close of 2024, one in four financial advisors will allocate funds to cryptocurrencies in their clients’ accounts. The firm anticipates increased adoption by financial advisors, particularly as Bitcoin becomes more accessible and mainstream.
In summary, Bitwise Invest’s crypto predictions for 2024 depict an exciting future for the cryptocurrency market. With expectations of a new all-time high for Bitcoin, the successful launch of spot Bitcoin ETFs, and revenue growth for industry giants like Coinbase and Ethereum, the crypto space is poised for significant advancements in the coming years.
As of the latest update, ETH is trading at $2,200, reflecting a 1.4% increase over the past 24 hours. This positive movement aligns with a similar trend observed in BTC. However, Ethereum has witnessed a slight decline of 2.4% in the past seven days.
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