Ripple, Crypto, Voice of Crypto
Ripple CEO Brad Garlinghouse predicts the total crypto market cap will reach $5 trillion by year-end 2024.
The launch of Bitcoin ETFs and their high inflows are seen as a catalyst for institutional investor entry.
Garlinghouse expects the upcoming halving to drive market growth, similar to the 2020-2021 price increase.
Improved regulations and a potentially crypto-friendly US president are seen as positive factors.
Based on the $5 trillion prediction, Bitcoin's price could reach around $140,000 by year-end.
The crypto market is at the cusp of one of the most massive events since 2020. This event is known as the Bitcoin halving and is set to double the current total crypto market cap from around $2.5 trillion to $5 trillion by the end of 2024.
This bold prediction came from none other than Brad Garlinghouse, the CEO of Ripple. Garlingouse based his predictions on a series of macroeconomic factors and industry developments, and here are all the details.
The first 11 Bitcoin ETFs were introduced on 11 January 2024, and have brought combined inflows worth upwards of $12 billion into the crypto market in the three months since their launch.
Garlinghouse based his predictions on this development, in a recent interview with CNBC, which he describes as a pivotal moment for the industry.
The key idea of these ETFs is that they provide a bridge of sorts, through which institutional and retail investors can gain exposure to Bitcoin without the risks and trouble of owning it directly.
This relative ease, brought on by the ETFs has been highlighted by Garlinghouse, as one of the factors that will usher in a wave of institutional funds from investors who were previously benched by the market’s barriers.
Garlinghouse also mentioned the upcoming Bitcoin halving as one of the key factors that will drive this growth.
Recall that the last halving launched Bitcoin straight up from around $10,000 to a high of $69,000 by May 2021, and Bitcoin’s current performance leads us to believe that history may be poised to repeat itself.
This is without mentioning how the regulatory landscape in the United States is starting to become less harsh on the crypto market, compared to the 2020/2021/2022 timeframe.
Moreover, the election year in the US is already in full swing, with valid speculation about a pro-crypto president being elected.
Overall, despite the aggressive lawsuit from the SEC on Ripple Garlinghouse expressed hope for clearer and more supportive regulations in the future.
Bitcoin’s dominance currently sits at around 52%, which is more than half of the total crypto market cap.
Garlinghouse’s $5 trillion prediction would put the cryptocurrency at a spot price of around $140,000, while Ethereum’s 16% dominance would put it at a spot price of around $7,000.
Bitcoin’s performance so far has also been quite remarkable.
Bitcoin’s attempt at a new ATH
The cryptocurrency has surged by over 140% in the past year alone and is even attempting to make a new all-time high before the halving, as we speak.
This is similar to the details of a recent CNBC interview with Marshall Beard, the chief operating officer of U.S. crypto exchange Gemini at a crypto conference in London.
Beard noted that he expects Bitcoin’s price to rally straight up to around $150,000 later this year.
Overall, all eyes are on Bitcoin at the moment, with industry leaders like Garlinghouse and others predicting remarkable growth that takes Bitcoin up to anywhere between $100,000 and $300,000.
Disclaimer: Voice of Crypto aims to deliver accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.