YEREVAN (CoinChapter.com) — The cryptocurrency market is on the path to closing 2023 on a positive note. Despite the overall bearish sentiment that prevailed for most of the year, the recent price surge reinstates lost hope among investors. Bitcoin’s (BTC) rally above the $40,000 mark impacted the price of most altcoins, thanks to their correlation with the largest crypto asset. On the heels of these developments, crypto index fund manager Bitwise paints an optimistic picture for the crypto industry in 2024.
In a recent post on X (formerly Twitter), Ryan Rasmussen, a researcher at Bitwise, highlighted some of the organization’s findings.
1. Bitcoin (BTC) will chart a new all-time high
The first major prediction for 2024 is the positive development around Bitcoin’s (BTC) price.
According to Bitwise, the largest cryptocurrency by market cap will chart a new all-time high (ATH). Per their predictions, the BTC price will cross the $80,000 mark. For the uninitiated, the current ATH of Bitcoin stands above the $68,000 mark from Nov. 10, 2021.
The prediction links two major pending factors to this decision. The possibility of the spot Bitcoin ETF getting approval early next year is one of those developments that could impact its price.
Moreover, the Bitcoin halving event scheduled for April 2024 is bullish for the crypto industry.
2. Spot Bitcoin ETF will get approval
In what is certain to boost the crypto industry, the US Securities and Exchange Commission (SEC) will likely approve a spot Bitcoin Exchange Traded Fund (ETF).
There are at least a dozen applications currently pending with the SEC. Experts have already suggested a 90% chance of some of these getting approval early next year.
According to Bitwise, spot Bitcoin ETF will be the most successful exchange-traded fund ever.
Moreover, it will be a success and capture 1% of the total ETF market in the United States. Considering its current $7.2 trillion size, this will translate to $72 billion in total Assets Under Managment (AUM) for the industry.
3. Crypto Market Predictions for 2024 Bullish for Coinbase
Coinbase (COIN) is the largest crypto exchange in the US. As per the predictions, the company will double its revenue, exceeding Wall Street expectations.
In 2022, Coinbase registered revenues to the tune of $3.19 billion. In the third quarter of 2023 alone, it registered a total revenue of $674 million.
In recent weeks, Coinbases’ stock price has also surged subsequently. At the time of writing, COIN stock trades at around $153. This is an over 60% surge over the past month alone.
A surge in Coinbase’s trading volume also coincides with a bull market.
4. Stablecoin transactions to unseat Visa
In what comes as a huge prediction, Bitwise expects stablecoin transactions to surge in 2024. Over the past four years, stablecoins have become a $137 billion market.
In 2024, transactions conducted in various stablecoins will be more than those done using VISA.
5. Rise of the tokenized funds
Among the bullish predictions, Bitwise suggests that tokenized funds will become popular. Over the years, traditional funds and asset managers have looked to launch tokenized alternatives to the assets they offer. This would make them easily accessible, hence boosting their liquidity.
Bitwise expects financial service giant JPMorgan to launch a tokenized fund on the distributed ledger in 2024. This development will be a bullish catalyst for a bull run next year.
6. Ethereum revenue to double, as per crypto market prediction for 2024
In its predictions, Bitwise noted that Ethereum (ETH) revenue will possibly double to $5 billion over the next year. As the report suggests, the users will pay $2.3 billion in fees to use the network in 2023. This figure is expected to double next year.
“Ethereum functions like a global supercomputer, hosting thousands of crypto applications that people use every day. And in order to use those applications, you have to pay a fee using the Ethereum crypto asset. That’s cash flow,”
the prediction suggests.
7. Taylor Swift to make NFTs mainstream
Nonfungible tokens (NFT) have not been left out of the predictions. According to Bitwise, American popular singer Taylor Swift will join other artists like Snoop Dogg and Eminem to adopt NFTs. This will bring digital collectibles to the masses and revolutionize the music streaming industry.
“Spotify—where Swift was the most-streamed artist in 2023 with more than 26 billion streams—is experimenting with token-gated playlists that require listeners to own a particular NFT in order to listen,”
the report reads.
8. AI assistants to start using crypto in 2024
In a major prediction, Bitwise believes Artificial intelligence assistants, which make running everyday errands easy, will start using cryptocurrencies for payments.
“Without the ability to easily transact in the world, AI agents will have limited capabilities. That’s where crypto fits in. We think AI agents will prefer digitally native money, like bitcoin or stablecoins. And we think that starts happening at a small scale in 2024,”
the prediction reads.
9. Prediction markets to attract $100 million in 2024
The decentralized prediction market is set to grow next year. With more people flogging to applications like Polymarket, it could become a $100 million industry in 2024.
As of September 2023, crypto-based prediction markets stand below $30 million.
” We think decentralized prediction markets will emerge as a new “killer app” for crypto, becoming a primary venue for both event-based and more traditional sports-related wagering,”
the firm suggests.
10. Ethereum transaction cost to fall significantly
In what will come as one of the best developments should it come to pass, the asset manager expects the average Ethereum (ETH) transaction to fall to $0.01. This will take place thanks to the upcoming EIP-4844 upgrade.
Currently, the average ETH transaction cost stands at around $5. A significant decrease will bring more participation in the network, scaling it significantly. This, in turn, will impact the ETH price.
With such bullish Crypto Market Predictions for 2024, including the new Bitcoin (BTC) all-time high, investors will surely jump into the industry in anticipation of large profits.
