Cryptocurrency asset management company Bitwise released its top 10 predictions for the cryptocurrency market in 2024 today, expressing optimism that Bitcoin will surpass $80,000 and reach a new all-time high next year. The company also believes that a Bitcoin spot ETF will be approved by the SEC, making it the most successful ETF in history.
The predictions include a doubling of revenue for Coinbase, exceeding Wall Street expectations by at least 10 times, and the use of stablecoins for settlements surpassing the use of Visa for settlements. Additionally, J.P. Morgan plans to tokenize a fund and launch it on the blockchain.
Ethereum’s revenue is expected to grow more than two-fold to $5 billion, and Taylor Swift will release NFTs to connect with her fans. AI assistants will enable online cryptocurrency payments, recognizing it as a native internet currency. The market is predicted to see over $100 million invested, becoming a new killer application for cryptocurrencies. Ethereum’s major upgrade will lower average transaction costs to less than $0.01.
In addition, by the end of 2024, it is predicted that 1/4 of financial advisors will allocate cryptocurrencies to client accounts. The cryptocurrency market has recently continued to rise after the Federal Reserve announced no interest rate hikes in December, maintaining the federal benchmark rate between 5.25% and 5.50%. Bitcoin broke through $43,000, with a year-to-date increase of over 160%.
Bitwise estimates that a Bitcoin spot ETF could occupy 1% of the $7.2 trillion U.S. ETF market, equivalent to $72 billion in assets under management within five years. Coinbase’s trading volume historically surges during bull markets, and this is expected to happen again. Stablecoins are considered one of the killer applications in the cryptocurrency market, with the market growing from nearly zero to $137 billion over the past four years.
Wall Street is ready to tokenize real-world assets and launch tokenized funds, allowing them to leverage the efficiency of on-chain assets while entering the rapidly growing market. Ethereum usage fees are projected to grow at least two-fold, reaching $23 billion in 2024, making it one of the fastest-growing large-scale tech platforms in the world.
Taylor Swift, the most streamed artist on streaming platforms in 2023 with over 26 billion plays, is collaborating with Spotify to experiment with “token-empowered playlists” that require listeners to own specific NFTs to access them. AI assistants are expected to prefer digital native currencies like Bitcoin or stablecoins, and decentralized prediction markets will become the main venue for event and traditional sports-related betting.
EIP-4844 is expected to reduce the cost of using Ethereum by over 90%, paving the way for the first truly mainstream application in the cryptocurrency field. Bitwise anticipates that as Bitcoin becomes more accessible, an increasing number of financial advisors will allocate cryptocurrencies to their clients’ portfolios.