It’s been a rollercoaster year for the crypto market, witnessing a remarkable rebound from the lows of 2022. Bitcoin and Solana soared by 128% and 495% respectively, with crypto equities surging by 138%. Heavyweights like BlackRock, Fidelity, and Franklin Templeton’s commitments underscored growing institutional interest.
However, this bullish streak might face a hiccup as Bitcoin experienced a sharp downturn this week, potentially signaling a bearish phase unless Sunday’s closing price exceeds $43,786. Buyers have a window to reclaim momentum, aiming to push BTC above $45K during the retest phase.
Bitwise and Circle CEO Jeremy Allaire share bullish sentiments about stablecoins, predicting exponential growth driven by a growing demand for digital dollars. Bitwise’s Ryan Rasmussen in his X post outlined optimistic projections for 2024, forecasting stablecoins offering 10X value than Visa payments, considering them as one of crypto’s most impactful utilities. Stablecoin trading volumes soared to $5 trillion by Q3 2023, while the market cap surged from nearly zero to an astounding $137 billion in four years, indicating a trajectory of continued growth.
Echoing Bitwise’s optimism, Circle CEO Jeremy Allaire emphasized the soaring demand for stablecoins online, predicting a substantial surge in the coming years. Asset manager Van Eck also foresees a significant spike in the total stablecoin market cap, estimating it to reach $200 billion by the end of next year.
Rasmussen also ignited the community with his NFT prediction for Taylor Swift. Swift may use NFTs to strengthen her fan base, taking advantage of Spotify’s token-gated playlists. According to his analysis, Spotify, where Swift was the most-streamed musician in 2023 with 26 billion streams, is considering playlists for NFT owners.
Given the ETF’s $100B scope and brief market corrections, Bitwise expects Bitcoin’s trading value to exceed $80,000 in 2024 due to the anticipated launch of the first spot Bitcoin ETF and the April halving event. However, analysts’ 2024 Bitcoin projections range from $100,000 to $1 million, demonstrating disagreement.
The spot Bitcoin ETF clearance might lead to an extraordinary launch with $72 billion in assets under management in five years. Ethereum revenue is estimated to rise 100% to $5 billion. Amidst 2024 positive market attitude, Coinbase might expand traditional finance revenue by 100%, beating Wall Street projections tenfold.
Finally, he is also calling out AI assistants, hinting that they might start swiping their virtual credit cards in the world of cryptocurrencies. Imagine Siri or Alexa casually paying for your online shopping using Bitcoin or stablecoins. Yep, that might just be the reality sooner than we think!
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