Bitfinex projects a crypto market cap of $3.2 trillion in 2024

The cryptocurrency industry might reach $3.3 trillion in 2024, according to Bitfinex’s estimate.

In spite of governmental and reputational hurdles, market strategists at Bitfinex are bullish about Bitcoin and cryptocurrencies as going into 2024. The crypto industry is supposedly prepared for expansion, with market value perhaps doubling, as it moves between periods of greed and regulation.

Bitfinex expresses optimism about the future of the cryptocurrency business in its most recent research, predicting that the market value might reach $3.2 trillion in 2024. The crypto fear and greed index has recently shifted towards “extreme greed,” according to the researchers. This suggests a dynamic market period, especially for Bitcoin, which may see mid-bull market highs. The growing interest of institutional investors in cryptocurrency, especially Bitcoin, is a major reason for this confidence.

Some worry that the impending launch of spot Bitcoin ETFs may encourage investors to shift their money into riskier cryptocurrency assets. Regardless, the analysts at Bitfinex are of the opinion that Bitcoin will continue to be well-received by institutional investors, particularly in the first 60 days of 2024. Looking at Bitcoin’s market vs. realized value via the lens of the market value to realized value (MVRV) indicator, it’s clear that the market is behaving similarly to the bullish recovery seen in the middle of the 2010s.

The paper highlights the importance of miner profitability and conduct, emphasizing the relevance of 2024 as a halving year. With no expected selling pressure from miners, the prediction paints a picture of a robust market with plenty of room to develop. The future of Bitcoin adoption in nations like Argentina and El Salvador is also covered in detail in Bitfinex’s Alpha report. It views this development as fitting with a broader trend toward the acceptance of cryptocurrency, and Bitcoin in particular, as protections against economic uncertainty.

El Salvador is investing heavily in Bitcoin infrastructure, while Argentina is moving towards decentralized assets; these and other efforts are driving the worldwide adoption curve, which the research predicts will get steeper in 2024. Looking at the bigger picture, Bitfinex’s forecasting indicates that there will be a massive increase in the number of people owning cryptocurrencies throughout the world. Worldwide, the number of people owning cryptocurrencies might increase to 850–950 million, according to the study. They contend that this upsurge shows how cryptocurrencies, especially Bitcoin, are becoming more integrated into the mainstream of the economy.

Also Read: Solana USDP to be Offered by Paxos After Approval from NYDFS December 23, 2023