The crypto industry’s growth is nothing short of groundbreaking, as it has advanced from just Bitcoin (BTC) and a few altcoins to a gigantic ecosystem housing different assets. With Bitcoin (BTC), the largest cryptocurrency in the market, exploding to new highs in March 2024, many experts speculate that the industry is still poised for more growth. Among these experts is Ripple CEO Brad Garlinghouse, who predicts that the crypto market capitalization will surge to $5 trillion, double its current market cap by the end of 2024. Let’s explore the reason for his speculation
Why The Ripple CEO Believes Cryptocurrency Market Capitalization Will Surge To $5 Trillion
The Ripple CEO’s first reason for coming to such a conclusion was the approval of the first Spot Bitcoin ETF by the United States Security and Exchange Commission (SEC) on January 10, 2024. The approval opened the way for fresh institutional investments to stream into the industry by exposing Bitcoin to a new set of investors, and the approval of the Spot ETFs hints at partial support of cryptocurrency by the agency.
Also, there are high expectations from major financial players that there will be a reduction in interest rates from the Federal Reserve. This move benefits Bitcoin (BTC) because a low interest rate will significantly encourage investors to interact more with the coin, creating a surge in price and market cap. On the other hand, a high interest rate will scare away investors as Bitcoin (BTC) is considered risky and not ideal to hold in a high-interest rate environment. Therefore, even investors who decide to interact with it will take very low risk, but with low interest rates, investors would be willing to take higher risks to gain higher returns.
The Ripple CEO also talked about regulatory crackdown as one of the crypto industry’s bottlenecks, especially in the United States. Therefore, with elections going on in the country, there is high optimism among the cryptocurrency community that the new administration will be crypto-friendly in their regulation and policies. Finally, among the factors that would drive the massive surge in the cryptocurrency market capitalization of the industry is the upcoming Bitcoin (BTC) halving scheduled for April 19, 2024.
All in the community see the halving event as a proponent of a bullish trend and an increase in Bitcoin price, and the cryptocurrency market at large. Currently, Bitcoin’s market cap stands at about $1.3 trillion, which is half of the total cryptocurrency market capitalization of $2.6 trillion. While Garlinghouse’s speculation is based on hard facts, it is always important to realize that cryptocurrencies are volatile assets, and no one can certainly know what their price will be at a particular time.
Get In On The ETFSwap ($ETFS) Presale To Benefit From The Potential Surge In Market Capitalization
ETFSwap ($ETFS) is a crypto platform that aims to tokenize exchange-traded funds (ETFs) and enable traders of all portfolio sizes to interact with several asset classes from various industries. $ETFS, the platform’s native token, will be instrumental in how the platform’s ecosystem functions, serving the purpose of liquidity. The token holders will also be able to participate in making decisions regarding the network’s growth.
Currently, the platform offers its native token at $0.00854 in its ongoing stage 1 presale. Cryptocurrency investors who participate in this current sale will already be making a profit the moment stage 2 kicks off at $0.01831. Furthermore, the token has the potential to surge by 10,000%, according to experts, rising to the $1 mark.
As the Bitcoin halving approaches and an entrance into a proper bull market draws near, now is the time to benefit from the surge in price that will double the crypto market capitalization by buying an asset that shows promising potential for growth — $ETFS.
For more information about the ETFS Presale:
Disclosure: This is a sponsored press release. Please do your research before buying any cryptocurrency or investing in any projects. Read the full disclosure here.