Ryan Rasmussen, a senior researcher at Bitwise Invest, announced a series of bold predictions for the cryptocurrency market in 2024. Highlights from those expected include a significant increase in Ethereum’s revenue, a bullish trend for Bitcoin, and groundbreaking developments in the crypto space. Let’s take a look at the key predictions that could shape the crypto assets landscape in the coming year…
Rise in Bitcoin and Ethereum
Rasmussen predicts a remarkable increase in Ethereum’s revenue, which he predicts will double to $5 billion in 2024. This speculation is based on the increasing adoption of crypto applications and the growing user base on the Ethereum network. In 2023, users paid $2.3 billion in fees, and Rasmussen believes this figure will at least double, positioning Ethereum as one of the fastest-growing technology platforms worldwide.
Prediction #1: Bitcoin will trade above $80,000, setting a new all-time high.
There are two major catalysts that will help get us there: the anticipated launch of a spot Bitcoin ETF in early 2024 and the halving of new bitcoin supply around the end of April. pic.twitter.com/KvHNx9XINz
— Ryan Rasmussen (@RasterlyRock) December 13, 2023
The senior analyst is optimistic about Bitcoin’s future and predicts that it will surpass its all-time high of $80,000 in 2024. He attributes this potential rise to two important catalysts: the upcoming launch of the Spot Bitcoin ETF and the upcoming Bitcoin Halving. Rasmussen went further, calling the Spot Bitcoin ETF launch potentially “the most successful ETF launch of all time.”
Coinbase’s revenue will rise
Rasmussen doesn’t just focus on cryptocurrencies; he also expects Coinbase’s revenue to double. This increase is expected to exceed Wall Street expectations by at least 10x due to increased trading volumes in bull markets and the successful reception of Coinbase’s newly launched products.
Prediction #3: Coinbase’s revenue will double, beating Wall Street expectations by at least 10x.
Historically, Coinbase's trading volumes surge in bull markets, and we expect the same to happen again. Plus, they’ve launched a wide range of new products that are showing traction. pic.twitter.com/a1bq1IyyMq
— Ryan Rasmussen (@RasterlyRock) December 13, 2023
Money will flow to stablecoins
The analyst predicts that stablecoins will play a dominant role in transactions and more money will be deposited in stablecoins compared to using Visa. This parallels the significant growth of stablecoins, often referred to as crypto’s “killer apps,” which have grown from zero to a $137 billion market. Rasmussen predicts that this trend will continue in 2024.
Prediction #5: JPMorgan will tokenize a fund & launch it on-chain as Wall Street gears up to tokenize real-world assets.
Launching a tokenized fund would allow them to take advantage of the efficiencies on-chain assets can offer while entering a market whose growth is exploding. pic.twitter.com/OSKmosnTee
— Ryan Rasmussen (@RasterlyRock) December 13, 2023
$80,000 expectation for Bitcoin
Ryan Rasmussen, senior researcher at Bitwise Invest, predicted an increase in Ethereum’s revenue, suggesting that revenue will double to $5 billion in 2024. Additionally, Rasmussen suggested that BTC will reach an all-time high, exceeding $80,000 in 2024. Two major catalysts for the possible Bitcoin rally were the much-anticipated Spot Bitcoin ETF launch and Bitcoin halving. He added that the Spot Bitcoin ETF launch would be “the most successful ETF launch of all time.”
Rasmussen’s predictions also covered JPMorgan’s attempt to tokenize a fund and launch the tokenized fund on-chain. According to his analysis, “Launching a tokenized fund will allow them to take advantage of the efficiencies that on-chain assets can offer as they enter a market whose growth is booming.” Additionally, the analyst oddly mentioned Taylor Swift. He predicted that popular American singer Taylor Swift would issue NFTs to engage more with her fans. Rasmussen also noted the possibility of music app Spotify being a vehicle for Taylor’s NFT launch.
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