TL;DR
- Ripple’s CEO predicts doubling of the crypto market by 2024.
- Capitalization rose by 130% in the last year. However, it remains below its ATH.
- Growing demand for Bitcoin ETFs and the upcoming halving are key factors according to Garlinghouse.
Ripple CEO Brad Garlinghouse has projected an optimistic future for the crypto industry in 2024. His forecast suggests that the total market capitalization could double, reaching $5 trillion by the end of the year. Garlinghouse’s forecast is based on several key factors he considers influential in the market’s growth.
According to the latest data from Coinmarketcap, the total capitalization reached $2.69 trillion in the last 24 hours, reflecting a growth of 3.87%. This figure shows a 130% increase in capitalization over the past year. Despite the excellent recovery of the crypto sector, this value remains below the ATH of $2.94 trillion reached in 2022.
The first reason for his optimism is the growing demand for Bitcoin ETFs. Garlinghouse has highlighted the impact these funds had and have on the crypto industry. The availability of these products has facilitated the participation of institutional and retail investors, exponentially increasing investment in cryptocurrencies.
Additionally, Garlinghouse has also posited Bitcoin’s upcoming halving as another important factor that will drive industry growth. Historically, halving has resulted in an increase in Bitcoin demand. Garlinghouse believes that this phenomenon, combined with the decrease in supply, could contribute significantly to market growth.
A New Regulatory Framework Could Boost Crypto Market Growth
Garlinghouse has also highlighted the positive regulatory outlook in the United States as a factor that could drive market growth. With elections on the horizon, many are hopeful that the next administration will adopt a more favorable stance towards the crypto industry, which could pave the way for further growth and propel adoption to new levels.
These combined factors could pave the way for solid and sustainable growth in the total market capitalization of cryptocurrencies in the coming months. There are still several months and many interesting events ahead, so we will have to wait and see if Ripple CEO’s predictions materialize in reality.
