The CEO of Ripple, Brad Garlinghouse, recently made a big prediction about the cryptocurrency market’s future. He said that by 2024, the sector’s total capitalization might reach $5 trillion. This bullish forecast is made against a backdrop of cryptocurrencies’ explosive growth and growing acceptability by the general public.
The current value of the global cryptocurrency market is estimated to be $2.59 trillion, a significant gain of 0.74% in 24 hours. Institutional investors, like asset managers and hedge funds, have been investing more capital in digital assets over the past few years as part of their overall investment plans.
Garlinghouse said he has been observing the market trend lately and disclosed his optimism about the market’s recent performance. He insisted that the recent introduction of spot Bitcoin ETFs has been a significant propeller of the market’s positive trend and has played a substantial role in attracting more corporate giants to invest in the market.
Garlinghouse Speaks on the Relationship Between Blockchain and Cryptocurrencies
Garlinghouse noted that macroeconomic issues like inflation and currency devaluation have significantly fueled the desire for cryptocurrencies. Some cryptocurrencies, like Bitcoin, have a limited supply and are in high demand, which has caused price growth and increased interest in the asset class.
Cryptocurrencies and blockchain technology are increasingly used in various sectors, such as supply chain management, healthcare, and banking. The Ripple boss has also identified some factors necessary to propel the expansion of the cryptocurrency market.
One of such, according to Garlinghouse, is the recent Bitcoin halving. Industry spectators believe that this would trigger a rise in demand that may significantly raise the price of Bitcoin. The general cryptocurrency market volume also had a $61.98 billion rise, with Bitcoin dominating the space with slightly over 50% of the net cryptocurrency market.
Garlinghouse Proposes Legislative Consideration, Bitcoin ETFs Maintains Stance
Garlinghouse also underlined how crucial stable and transparent regulations are to the long-term expansion and viability of the Bitcoin industry. He asked legislators to enact fair and sensible laws that protect consumers and promote innovation while attending to investor safety and financial stability.
The latest test analysis from Santiment stated that the total volume of spot Bitcoin Ehashas maintained a strong stance and seems reluctant to slow down after four weeks of hitting an all-time high. Cryptocurrency traders’ activities have continued to exceed their previous status, as seen in late February when the collective trading had peaked, and have never slowed down in subsequent times.
Bitcoin rose by 3.36% to reach $71,797.27 earlier today, with a market capitalization of $1,411,860,464,913, a 3.33% increase in the last 24 hours. The trading volume rose by 68.29% to hit $36,771,072,215 in 24 hours.
Seven Bitcoin ETFs Maintained Positive Performance, Trading Increased to $3.83 Billion
This development has been said to benefit popular Bitcoin ETFs like the iShares Bitcoin Trust (IBIT) from BlackRock, Fidelity Wise Origin Bitcoin Fund (FBTC) from Fidelity, the ARK 21Shares Bitcoin ETF (ARKB) from 21Share, Invesco Galaxy Bitcoin ETF (BTCO) from Invesco Galaxy, Bitwise Bitcoin ETF (BITB) from Bitwise, and VanEck Bitcoin Trust ETF (HODL).
Data from Santiment also revealed that the seven central spot Bitcoin ETFs, as of February 25th, had a trading volume of $3.83 billion, which marked a turning point for the market. The daily trading volume for the spot Bitcoin ETFs in April stood at $3.19 billion.
Thomas Fahrer, the Apollo Sats founder, has emphasized the relevance of the institutional sales of Bitcoin, considering Blackrock’s acquisition of 12,000 BTC and Fidelity’s 6,000 BTC acquisition last week. The institutional participants are staying strong in their acquisition after three months of launching the spot Bitcoin ETFs.
Fahrer highlighted that while the Grayscale BTC (GBTC) has continued to sell big time, its selling activities are endless. He added that it would trigger a Fear Of Missing Out (FOMO) once the selling pressure drops, thereby causing the price of Bitcoin to attain a new all-time high, targeting $100,000.
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