Ripple CEO Projects Crypto Market Capitalization to Reach $5 Trillion By End of 2024
Following the strong recovery of the digital assets, the chief executive of Ripple, Brad Garlinghouse, projected an impressive growth of the entire crypto sector. In an interview with CNBC, the CEO predicted that by the end of this year, the crypto market’s capitalization will reach $5 trillion.
Reflecting on the recent developments in the crypto ecosystem, including the approval to spot Bitcoin exchange-traded funds (ETFs), the executive projects that the market value of crypto will double. He believes that the value of digital assets will rally after the 2024 Bitcoin halving.
Ripple CEO Forecast Crypto Market Cap to Double This Year
Garlinghouse admitted that he has been in the crypto sector for a long time and has observed the impact of major historical events on the industry. From his previous experience, the CEO confessed that events in the crypto sector were recurrent.
Currently, the demand for Bitcoin ETFs among institutional clients has been on the rise. Garlinghouse reviewed the shift in demand and supply curves in the crypto markets and projected the price of digital assets to increase.
Occasionally, when the demand increases, the supply of the digital market dips. Since the spot Bitcoin ETF was approved by the US Securities and Exchange Commission (SEC) in early January, investors have demonstrated a growing interest in acquiring this product.
The Bitcoin ETFs are currently traded over the US stock exchanges by institutional and retail clients. The impressive demand for crypto after approval the spot Bitcoin ETFs is expected to extend even after the upcoming Bitcoin halving.
Analysts Predict Crypto Bull Market
In the coming days, the miners’ mining rewards will be reduced by nearly a half. The Bitcoin halving event takes place every four years.
Commenting on the upcoming Bitcoin halving, Mr. Garlinghouse predicted that the overall market capitalization for crypto assets will increase twice before December 2024. The CEO anticipates that the macro factors will contribute to the increase in market capitalization.
A review of the recent report dated April 4 demonstrated that the market capitalization for crypto jumped to $2.6 trillion. The CEO anticipates that before the end of 2024, the crypto market cap will soar to $5.2 trillion.
Garlinghouse prediction came days after the world’s largest crypto asset by daily trading volume, Bitcoin, has established a strong recovery. From last year, Bitcoin has increased by 140%. According to CoinGecko, on Wednesday, March 13, Bitcoin price breached the $730000k resistance level.
The impressive rally of Bitcoin demonstrated that the other crypto assets might follow suit. Even though the crypto industry has been profiled as a breeding ground for predictions, Garlinghouse remains optimistic that the market capitalization will attain new heights.
Factors Contributing to Increased Demand for Crypto Assets
Garlinghouse’s remarks echo a statement from the chief operating officer at Gemini, Marshall Beard, who is confident that the crypto bulls will resurface. The executive told CNBC that the price of Bitcoin will reach $150,000 before Q4 of this year.
Beard was pleased to state that the growing crypto adoption and approval of Bitcoin ETFs will spark bullish momentum in the crypto industry. He believes that new crypto-friendly rules will take effect in the coming days.
Even though it is unclear whether Beard’s prediction will become a prophecy or peril, the crypto prognosticator remains optimistic that Bitcoin will attain its all-time high.
Similarly, Garlinghouse projects that the US will provide a comprehensive regulatory framework for digital assets, propelling the crypto market capitalization to high levels.
Significance of Developing Comprehensive Regulations for Crypto Assets
Reflecting on the ongoing election campaigns in the United States, the CEO believes that the new leadership will develop crypto-friendly policies. He lamented that the lack of clear regulation for digital assets eroded the attractiveness of the US crypto market.
Revisiting the recent lawsuit filed by SEC against Ripple, the executive condemned the enforcement action taken by the commission.
He predicted that after the election, the new administration would fight to bring clarity to regulating digital assets in the US. Compared to other markets, Garlinghouse believes that the US is one of the strongest economies in the world.
Based on the supremacy of the United States, the executive believes that the hostile crypto market will begin to change.
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