The U.S. SEC’s approval of spot Ethereum ETFs has boosted the price of bitcoin and other top cryptocurrencies, following months of selling. The trend is not new, as the SEC first approved spot bitcoin ETFs in January. However, regulators continue to scrutinize the industry, sometimes targeting crypto exchanges and their head figures. Tech and crypto investors are hoping for the Fed to manage its inflation reflation well, potentially setting itself up for rate declines starting in late 2024. In May, Ethereum reached a high of nearly $4,000, surpassing the psychological threshold of $3,770. In May, Ethereum prices surged over 17.1%, and year-to-date, they are up 64.1%. ChainLink experienced the most losses ($+28%) in May, while Cardano experienced the worst stat last month with a drop of -1.8%.
Here are 10 crypto predictions from Bitwise:
Bitcoin’s New ATH could surpass $80,000 as a result of halving events and the emergence of bitcoin ETFs.
Bitcoin ETFs that work: Bitcoin ETFs may take 1% of the $7.2 trillion United States bond market value, which implies around $72 billion in five years.
Coinbase Market Impact: Top Line: We expect Coinbase to easily surpass Wall Street estimates, resulting in robust revenue growth.
Stablecoins beat out Visa: The daily finance use of striking coins might even surpass that of long-time Giants like Visa.
J.P. Morgan to Introduce Tokenized Assets: If projections of $16 trillion begin to spread by 2030, Wall Street is likely to witness a significant surge in tokenizing assets.
Ethereum ($) revenue. The Ethereum yield peg is expected to increase 2x year over year to $5bn, with no lapses in its GMV growth rate.
Pop culture and crypto could join forces with Taylor Swift to launch NFTs for fan engagement.
AI and Cryptocurrencies: The expectation is that AI assistants will use cryptocurrencies for online transactions, thereby solidifying their status as the Internet’s native currency.
Emergence of Prediction Markets: There is more than $100 million at stake, so prediction markets could become one genuine crypto application.
Article: Ethereum with lower gas fees: Hilzer.medium.com has published a major update on Ethereum’s future that could result in a decline in average transaction fees under $0.01.
VanEck’s Predictions:
Many people around the world predict price stability ($30,400 by Q1 2024) because it effectively deflated an economic recession, but Bitcoin is designed to defy monetary catastrophes.
Bitcoin Halving and New Highs: By Q4, the April 2024 Bitcoin halving could send prices to over $48,000, aiming for an all-time high.
Given the loss of low-MC coins such as OlympusDAO and others, I believe this will see widespread adoption. Q4Q1 Ethereum’s Layer 2 Networks Expected to take the lead in TVL + TransactionsVolume are ETH’s own scaling solutions (Arbitrum and Polygon); these chains shall reign supreme.
NFT Market Boom: A surge in the NFT market, led by Ethereum collectibles, fresh crypto games, and Bitcoin-NFTs.
Rise of Decentralized Exchanges (DEXs): Thanks to optimized high-throughput chains and innovations in wallet technology, DEXs will increase their share in the market.
Bitcoin Yield: Remittances on the Blockchain What Bout a Pyrofireshot the FBI?
Minimum Viable Product: A blockchain game might finally break 1 million daily active users.
Solana’s Growth: We anticipate Solana to maintain its position among the top 3 in market capital, and as a leader in TVL (total locked), Python has the potential to surpass ChainLink. Crucially, as nearly the sole fast-response Oracle, it can deliver data point services with flawless uptime critical for Xchain networks.
An increase in decentralized physical infrastructure networks: DePIN protocols such as Hivemapper and Helium should see a lot of growth.
Corporate Holdings Boost: The new accounting treatments could propel corporate crypto holdings, which are likely to benefit firms like Coinbase.
Although the topic of KYC integration in DeFi is controversial, it can be beneficial for monitoring institutional liquidity and increasing the protocol fee in decentralized finance.
The SEC has changed the rules for Ethereum ETFs.
Spot Ethereum ETFs may appear on the SEC’s desk as Bitwise submits a new listing. This could be the catalyst for massive market moves, potentially retesting ETH all-time highs.
Crypto in U.S. Politics
Washington, D.C., is already paying close attention to cryptocurrencies following the recent approval of a bill called the Financial Innovation and Technology for the 21st Century Act. The introduction of this act aims to provide a comprehensive framework for the regulation of digital asset companies. On top of that, major political figures are also starting to take note of the potential voter base in crypto; some candidates are using favorable stances on cryptocurrencies to win voters.
Key Market Catalysts
Some of the key events that could trigger the crypto market in 2024 include Federal Reserve interest rate decisions, spot Ethereum ETF launches sooner or later, and ongoing regulatory developments. These factors are likely to have an impact on both market dynamics and investor sentiment.
