The cryptocurrency market is expected to be a hotbed of activity in 2024. Some experts believe that it will be a year of major breakthroughs for the industry, while others are more cautious.
Bitwise, a leading cryptocurrency investment firm, has released its predictions for the year ahead. The firm believes that Bitcoin will reach a new all-time high of over $80,000, that Bitcoin ETFs will be approved, and that Coinbase's revenue will double.
Bitcoin to Reach $80,000
This is one of Bitwise's most ambitious predictions. For Bitcoin to reach $80,000, it would need to increase by more than 45% from its current price. If this were to happen, it would be a strong indicator of continued institutional and retail adoption of Bitcoin.
Bitcoin ETFs Approved
Bitcoin ETFs would allow institutional investors to invest in Bitcoin in a more simple and secure way. If they were approved, they could provide a significant boost to Bitcoin's price.
Coinbase Revenue to Double
Coinbase is the leading cryptocurrency exchange in the United States. If its revenue doubles in 2024, it would be a sign of the rapid growth of the cryptocurrency market. Additionally, if Coinbase's revenue exceeds Wall Street expectations by 10 times, it would be a clear signal that institutional investors are increasingly interested in cryptocurrencies.
More Money Liquidated Using Stablecoins Than Visa
Stablecoins are cryptocurrencies designed to maintain their value in relation to a fiat currency, such as the US dollar or the euro. Stablecoins, such as USD Coin (USDC) and Tether (USDT), are expected to become increasingly popular as a means of payment. This could pose a significant challenge to traditional payment processing companies, such as Visa.
JPMorgan Tokenizes a Fund
JPMorgan Chase is one of the largest banks in the world. If it were to successfully tokenize a fund and launch it on a blockchain, it could lead to other traditional banks adopting this technology. This would be a major boost to the adoption of cryptocurrencies by institutional investors.
Ethereum Revenue to Reach $5 Billion
Ethereum is the second-largest cryptocurrency by market capitalization. If its revenue were to reach $5 billion, it would be a significant increase from its current level. This would suggest that Ethereum is becoming increasingly adopted by developers and users.
Taylor Swift Launches NFTs
Taylor Swift is one of the most popular and influential musicians in the world. If she were to launch NFTs, it could generate significant interest in the technology.
AI-Powered Assistants Start Using Crypto
AI-powered assistants, such as Siri and Alexa, are becoming increasingly integrated into our lives. If they were to start supporting cryptocurrency payments, it would be a major step forward for the adoption of cryptocurrency
Over $100 Million Bet on Prediction Markets
Prediction markets allow users to bet on the outcome of future events. If over $100 million were to be bet on prediction markets in 2024, it would be a significant growth from the current level. This could open up new opportunities for retail investors to get involved in cryptocurrency.
Ethereum 2.0 Reduces Transaction Fees
Ethereum is preparing a major upgrade called Ethereum 2.0. If this upgrade were to reduce transaction fees to below $0.01, it could significantly increase the popularity of Ethereum.
Conclusion
Bitwise's predictions for the cryptocurrency market in 2024 are ambitious, but they are not out of the realm of possibility.
However, it is important to remember that these are just predictions, and the cryptocurrency market is a volatile one. There are many factors that could affect the market in 2024, such as government regulation, cyberattacks, and a lot of economic conditions.
It is important to stay informed about the latest developments in the cryptocurrency market and to do your own research before making any investment decisions.
We hope you enjoy these last few days of 2023 and that you take off with force to conquer the goals of 2024.
Until very soon, trader!
REFERENCES
https://www.theblock.co/post/267597/taylor-swift-nft-bitcoin-new-high-bitwise-predictions
https://cryptopotato.com/bitwise-makes-big-80k-bitcoin-price-prediction-for-2024/
https://bitwiseinvestments.com/crypto-market-insights/the-year-ahead-10-crypto-predictions-for-2024
https://www.coinspeaker.com/bitwise-10-predictions-crypto-2024/
https://cointelegraph.com/news/bitcoin-price-80k-stablecoin-growth-bitwise-invest-crypto-prediction
For this article, prompts have been used to request information
interpreted and provided by AI (Google Bard). Written and edited
by Kevin David Terán and verified by Pedro Arizaleta and Erwin Sánchez
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