Bitwise anticipates that 2024 will be another important year for stablecoin expansion.
Bitwise Invest, an investment firm specializing in the crypto space, recently unveiled its early crypto predictions for 2024. These projections provide insight into the future of the cryptocurrency industry, highlighting major milestones and potential breakthroughs for the largest cryptocurrencies. like Bitcoin (BTC). and Ethereum (ETH), and exchanges like Coinbase.
Bitcoin Expected to Break Records
Bitwise’s first prediction suggests that Bitcoin will break previous records and trade above $80,000, setting a new all-time high. The company attributes this bullish outlook to two key catalysts: the imminent launch of a spot Bitcoin exchange-traded fund (ETF) in early 2024 and the planned halving of new Bitcoin supply by the end of April.
Bitwise expects Bitcoin spot ETFs to be approved and collectively become the most successful ETF launch in history. Interestingly, Bitwise also predicts that Coinbase, one of the largest cryptocurrency exchanges, will double its revenue, exceeding Wall Street expectations by at least 10 times.
The firm notes that Coinbase trading volumes typically increase during bull markets and anticipate a similar trend in 2024. Additionally, Bitwise highlights Coinbase’s successful launch of several 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 giant Visa. Bitwise highlights stablecoins as one of the “killer apps” of cryptocurrencies and notes their remarkable growth from virtually nothing to a $137 billion market in just four years.
Ethereum Ready for a Breakthrough
The cryptocurrency market is very volatile and difficult to predict. However, experts have attempted to assess future changes in the price of Ethereum. Predictions from different analysts vary considerably. But they agree on one thing: ETH, as one of the main cryptocurrencies, will be quite successful in the market in the coming years.
Bitwise expects Ethereum revenue to more than double, from $2.3 billion in 2023 to $5 billion in 2024. The company attributes this growth to the growing number of users flocking to crypto applications. Bitwise emphasizes Ethereum’s potential as one of the fastest growing large-scale technology platforms globally.
Bitwise also anticipates a major Ethereum upgrade, dubbed EIP-4844, that could reduce average transaction costs to less than $0.01. This significant cost reduction is expected to pave the way for widespread adoption and development of innovative applications within the crypto ecosystem.
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 anticipates greater adoption by financial advisors once Bitcoin becomes easily accessible and widespread.
Bitwise Invest’s crypto predictions for 2024 paint an exciting future for the cryptocurrency market. With expectations of a new all-time high for Bitcoin, the successful launch of Bitcoin spot ETFs, and revenue growth from industry giants like Coinbase and Ethereum, the crypto space is poised for significant advances in the coming years.
As of the current update, ETH is trading at $2,200, reflecting a 1.4% increase in the last 24 hours. This positive move follows a similar trend marked by BTC. However, Ethereum has seen a slight drop of 2.4% over the past seven days.
It is important to note that investing carries risks, so it is necessary to do some research before making any investment decision.
By Audy Castaneda
