2024

Bitcoin

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 <p class="paragraph">Brad Garlinghouse, the CEO of blockchain startup Ripple, is predicting a massive year for the cryptocurrency market, with a potential doubling of its total market capitalization to $5 trillion by the end of 2024.</p>
 <p class="paragraph">Garlinghouse attributed this anticipated surge to several macro factors, including the introduction of the first U.S. spot Bitcoin (BTC) exchange-traded funds (ETF) and the impending Bitcoin “halving” event, according to a <em>CNBC </em>report on April 8.</p>
 <h2 class="wp-block-heading" id="h-crypto-market-doubling-on-etf-surge-and-bitcoin-halving">Crypto market doubling on ETF surge and Bitcoin halving</h2>
 <p class="paragraph">Emphasizing the significance of institutional investment inflow into the <a rel="noopener noreferrer nofollow" title="market" href="https://thebittimes.com/tag/market.html">market</a>, Garlinghouse highlighted the interplay between rising demand and diminishing supply as a key driver of potential price escalation, stating:</p>
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  <p class="paragraph">“You’re seeing that drives demand, and at the same time demand is increasing, supply is decreasing,” Garlinghouse said. “That doesn’t take an economics major to tell you what happens when supply contracts and demand expands.”</p>
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 <p class="paragraph">The approval of the first U.S. spot Bitcoin ETFs by the Securities and Exchange Commission (SEC) on January 10, marked a pivotal moment for the market. These ETFs, which trade on U.S. stock exchanges, enable both institutional and retail investors to gain exposure to Bitcoin without direct ownership of the underlying asset.&nbsp;</p>
 <p class="paragraph">Additionally, the forthcoming Bitcoin halving event, which occurs approximately every four years, is expected to further tighten supply dynamics.</p>
 <h2 class="wp-block-heading" id="h-market-poised-for-growth">Market poised for growth</h2>
 <p class="paragraph">As of April 4, the total crypto market capitalization stood at approximately $2.6 trillion.&nbsp;</p>
 <p class="paragraph">Garlinghouse’s projection of a doubling in market capitalization to $5.2 trillion signifies the substantial growth potential he envisages within the industry.&nbsp;</p>
 <p class="paragraph">This translates to a potential injection of over $2.6 <a rel="noopener noreferrer nofollow" title="trillion" href="https://thebittimes.com/tag/trillion.html">trillion</a> of new capital, fundamentally altering the <a rel="noopener noreferrer nofollow" title="market" href="https://thebittimes.com/tag/market.html">market</a> landscape.</p>
 <h2 class="wp-block-heading" id="h-bitcoin-s-influence-and-market-dynamics">Bitcoin’s influence and market dynamics</h2>
 <p class="paragraph">Bitcoin remains the dominant force in the cryptocurrency market, accounting for nearly half of its total value with a market capitalization exceeding $1.3 trillion as of April 1.&nbsp;</p>
 <p class="paragraph">The rise and fall of Bitcoin often sets the tone for the broader <a rel="noopener noreferrer nofollow" title="market" href="https://thebittimes.com/tag/market.html">market</a>, and a significant price increase for Bitcoin could have a ripple effect across other <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a>currencies.</p>
 <p class="paragraph">Garlinghouse’s optimistic forecast resonates with other industry experts’ sentiments.&nbsp;</p>
 <p class="paragraph">Marshall Beard, COO of U.S. crypto exchange Gemini, also anticipates a significant rise in Bitcoin’s price to $150,000 later this year.&nbsp;</p>
 <p class="paragraph">Beard cited various factors such as increased adoption, regulatory developments, and supply constraints as contributing factors to this potential rally, stating:</p>
 <blockquote class="wp-block-quote">
  <p class="paragraph">“You’re going to see violent moves up and down until that new all-time high, which I think will be $150,000,” Beard added. “It probably happens this year. I think it moves so fast … and I think that momentum, the supply shock, it moves crazy quickly.”</p>
 </blockquote>
 <h2 class="wp-block-heading" id="h-crypto-market-primed-for-transformation">Crypto market primed for transformation</h2>
 <p class="paragraph">The cryptocurrency market seems poised for a pivotal year of change. A confluence of factors, including the arrival of ETFs, the upcoming Bitcoin halving, and potential regulatory shifts, is creating a scenario ripe for significant growth.&nbsp;</p>
 <p class="paragraph">As Ripple CEO Brad Garlinghouse predicts, a doubling of the market capitalization to $5 trillion by year-end is a distinct possibility.</p>
 <p class="paragraph">However, fueled by the inherent volatility of the crypto space, unforeseen events or sudden market movements could disrupt this optimistic outlook.&nbsp;</p>
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/ripple-ceo-predicts-crypto-market-will-hit-5-trillion-by-end-of-2024-tbt84827.html">https://thebittimes.com/ripple-ceo-predicts-crypto-market-will-hit-5-trillion-by-end-of-2024-tbt84827.html</a></p>

Ripple CEO predicts crypto market will hit $5 trillion by end of 2024

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