The cryptocurrency market, led by Bitcoin (BTC), is preparing to close the year on an exceptionally positive note, with soaring expectations for 2024. Asset management firm Bitwise has released jaw-dropping cryptocurrency predictions for 2024.
Bitcoin’s Price to Surpass $80,000, Spot ETF Approval Anticipated
Asset management firm Bitwise has published predictions for the cryptocurrency market in 2024. According to the firm, the leading cryptocurrency, Bitcoin, will surpass the $80,000 mark in 2024, breaking its current record high of around $69,000.
With the latest figures, BTC has seen a 4.94% increase over the last 24 hours, trading at $42,943. Bitwise’s prediction implies at least an 87% increase in Bitcoin’s price.
As is well known, one of the biggest catalysts for the current rise in the crypto market is the expectation of approval for spot Bitcoin ETFs. According to Bitwise, the eagerly awaited spot Bitcoin ETFs, expected to receive approval from the U.S. Securities and Exchange Commission (SEC) between January 5-10, 2024, will be available in 2024, marking the introduction of the first spot Bitcoin ETFs in the U.S. market.
Bitwise’s Other Notable Predictions for Crypto in 2024
Furthermore, Bitwise’s 2024 predictions also include Ethereum (ETH). According to the asset management firm, the average transaction fees on the largest smart contract platform will drop below $0.01 next year. Let’s note that at the time of writing this article, the average transaction fees on the network are $2.58. Bitwise also expects the revenue of the Ethereum network to more than double, reaching $5 billion.
According to the firm, global banking giant JP Morgan will tokenize at least one of its funds in 2024. Moreover, Bitwise predicts that next year, one in every four financial advisors will allocate cryptocurrencies to client accounts, and artificial intelligence assistants will use cryptocurrencies in online payments.
