Bitwise’s ‘Top 10 Crypto Predictions for 2024’: Bitcoin Poised to Hit a New High of $80,000
A Year of Milestones Ahead for the Cryptocurrency Industry
The year 2024 is shaping up to be a landmark year for the cryptocurrency industry, with significant milestones expected to be achieved. Ryan Rasmussen, a senior research analyst at cryptocurrency asset management firm Bitwise, has shared his optimistic outlook for the industry in 2024, including his prediction of Bitcoin reaching an all-time high of $80,000.
Bitcoin Spot ETF to Launch in the U.S.
Rasmussen predicts that several Bitcoin spot ETFs will be greenlit in the U.S. next year, potentially becoming the most successful ETFs in history. He estimates that within five years of their launch, these ETFs could account for 1% of the $7.2 trillion U.S. ETF market, amassing an impressive $720 billion in assets under management.
Further reading：BlackRock’s Revision of Bitcoin Spot ETF Mechanism: Opening Doors for Wall Street Banks to Enter Crypto
Catalysts for Bitcoin’s Bullish Momentum
Two major events are expected to fuel Bitcoin’s surge: the launch of the Bitcoin spot ETF in the U.S. and the block reward halving in April next year. These catalysts are likely to propel Bitcoin into a strong year, with its price potentially reaching a new high of $80,000.
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Varied Price Predictions from Industry Analysts
There’s a range of predictions about how high Bitcoin could climb next year. Bitcoin commentator Plan B expects an average price of at least $100,000 between 2024 and 2028, while Matrixport predicts a rise to $125,000 by the end of next year. BitQuant sees a target price of around $250,000 post-halving.
Ethereum’s Revenue Expected to Double
Rasmussen also anticipates Ethereum’s revenue to more than double next year, reaching $5 billion. With users already paying $2.3 billion in transaction fees this year, he expects this number to climb significantly, making Ethereum one of the world’s fastest-growing large tech platforms.
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The upcoming EIP-4484 upgrade is projected to lower Ethereum’s user costs significantly, with mainnet gas costs dropping to $0.01 or less. This upgrade could pave the way for the first truly mainstream application in the cryptocurrency domain.
Further reading：Ethereum’s ‘Cancun Upgrade’: A Game-Changer for Layer 2 and the ‘Comeback Battle’ for Ethereum?
Additional Crypto Industry Developments for 2024
Rasmussen’s predictions for 2024 also include:
- Coinbase’s revenue doubling, exceeding Wall Street expectations by at least tenfold.
- Funds settled using stablecoins surpassing those settled using Visa.
- JPMorgan tokenizing a fund and launching it on-chain as Wall Street gears up to tokenize real-world assets (RWA).
- Taylor Swift releasing an NFT to connect with fans, as Spotify tests a ‘token-enabled playlist’ feature for exclusive song access to NFT holders.
- AI assistants beginning to use cryptocurrencies for online payments, solidifying crypto’s status as the ‘native currency of the internet’.
- Prediction markets attracting over $100 million, becoming the latest ‘killer app’ in the crypto space.
- One in four financial advisors including cryptocurrency in client portfolios by the end of 2024.
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