Ripple CEO Makes Bold Prediction For Crypto Market – $5 Trillion In 2024
08 Avril 2024 - 2:00PM
NEWSBTC
The Chief Executive Officer (CEO) of Ripple, Brad Garlinghouse has
boldly forecasted a transformative shift in the crypto industry,
envisioning a $5 trillion market capitalization for
cryptocurrencies in 2024. Ripple CEO Says Crypto Market Cap
To Double By Year’s End Appearing in a recent interview with CNBC,
Garlinghouse made a shocking prediction, stating that he sees the
entire market capitalization of the crypto industry surging to $5
trillion by the end of 2024. The significance of this prediction
carries severe weight, not just because of the startling numbers
but also due to its ambitious timeline. Related Reading:
Dogecoin Finds A Bottom: How The 7-Year Cycle Can Send Price To $40
Since the concept of cryptocurrency was first introduced about 40
years ago and the inception of Bitcoin in 2009, the overall market
capitalization of the industry has only been able to reach about
$2.5 trillion. This massive growth in a dynamic industry has been
fueled by the evolutionary changes that have significantly reshaped
the fundamentals of the financial sector. A rise to $5
trillion, as Garlinghouse expects, will see the crypto industry’s
market capitalization doubling in about nine months. This
substantial increase in such a short period would spell a
revolutionary shift in the industry, extending its dominance as one
of the most lucrative and thriving markets in the world.
Currently, according to CoinMarketCap, the global crypto market
capitalization is estimated at $2.59 trillion, reflecting a 0.74%
increase in the past 24 hours. The cumulative market volume has
also grown to about $61.98 billion, with Bitcoin dominance
recording more than 50% of the total cryptocurrency market.
Key Factors To Fuel Market Cap Growth During his interview,
Garlinghouse revealed several crucial factors that could drive the
crypto market capitalization to $5 trillion. The Ripple CEO
disclosed that macro factors, including the Spot Bitcoin Exchange
Traded Funds (ETFs) and the upcoming Bitcoin halving event, were
prime catalysts for the market’s expansion. Related Reading:
$115-Million Bitcoin Whale Wakes Up From 10-Year Slumber – What’s
Next? Expressing optimism about the crypto industry, the CEO shared
insights from his years observing the market’s trends. He
emphasized that the introduction of ETFs has been a major driver,
attracting institutional investors globally and pushing substantial
funds into the market. Additionally, Garlinghouse pointed out
that due to these macro factors, the demand for cryptocurrencies is
increasing while its supply is dwindling. He implied that this
imbalance in supply and demand typically results in price
appreciation, eventually having a positive impact on the overall
market. The Ripple CEO has also stated that he expects more
regulatory clarity within the crypto industry, particularly in the
United States. He hinted at the possibility of a favourable change
in crypto regulations following the country’s election and
transition to a new administration. Total market cap at $.26
trillion | Source: Crypto Total Market Cap on Tradingview.com
Featured image from Bitcoin Sistemi, chart from Tradingview.com
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