Ripple CEO Makes Bold Prediction For Crypto Market – $5 Trillion In 2024

Scott Matherson

1 year ago

3 mins read

Ripple CEO wilt meer dan alleen BTC in crypto reserves – wat betekent dit voor toekomst crypto?

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The Chief Executive Officer (CEO) of Ripple, Brad Garlinghouse has boldly forecasted a transformative shift in the crypto industry, envisioning a $5 trillion market capitalization for cryptocurrencies in 2024.

Ripple CEO Says Crypto Market Cap To Double By Year’s End

Appearing in a recent interview with CNBC, Garlinghouse made a shocking prediction, stating that he sees the entire market capitalization of the crypto industry surging to $5 trillion by the end of 2024. The significance of this prediction carries severe weight, not just because of the startling numbers but also due to its ambitious timeline.

Since the concept of cryptocurrency was first introduced about 40 years ago and the inception of Bitcoin in 2009, the overall market capitalization of the industry has only been able to reach about $2.5 trillion. This massive growth in a dynamic industry has been fueled by the evolutionary changes that have significantly reshaped the fundamentals of the financial sector.

A rise to $5 trillion, as Garlinghouse expects, will see the crypto industry’s market capitalization doubling in about nine months. This substantial increase in such a short period would spell a revolutionary shift in the industry, extending its dominance as one of the most lucrative and thriving markets in the world.

Currently, according to CoinMarketCap, the global crypto market capitalization is estimated at $2.59 trillion, reflecting a 0.74% increase in the past 24 hours. The cumulative market volume has also grown to about $61.98 billion, with Bitcoin dominance recording more than 50% of the total cryptocurrency market.

Key Factors To Fuel Market Cap Growth

During his interview, Garlinghouse revealed several crucial factors that could drive the crypto market capitalization to $5 trillion. The Ripple CEO disclosed that macro factors, including the Spot Bitcoin Exchange Traded Funds (ETFs) and the upcoming Bitcoin halving event, were prime catalysts for the market’s expansion.

Expressing optimism about the crypto industry, the CEO shared insights from his years observing the market’s trends. He emphasized that the introduction of ETFs has been a major driver, attracting institutional investors globally and pushing substantial funds into the market.

Additionally, Garlinghouse pointed out that due to these macro factors, the demand for cryptocurrencies is increasing while its supply is dwindling. He implied that this imbalance in supply and demand typically results in price appreciation, eventually having a positive impact on the overall market.

The Ripple CEO has also stated that he expects more regulatory clarity within the crypto industry, particularly in the United States. He hinted at the possibility of a favourable change in crypto regulations following the country’s election and transition to a new administration.

Total market cap at $.26 trillion | Source: Crypto Total Market Cap on Tradingview.com

Featured image from Bitcoin Sistemi, chart from Tradingview.com

Scott Matherson

Scott Matherson is a prominent crypto writer at NewsBTC with a knack for capturing the pulse of the market, covering pivotal shifts, technological advancements, and regulatory changes with precision. Having witnessed the evolving landscape of the crypto world firsthand, Scott is able to dissect complex crypto topics and present them in an accessible and engaging manner. Scott's dedication to clarity and accuracy has made him an indispensable asset, helping to demystify the complex world of cryptocurrency for countless readers.

Scott’s experience spans a number of industries outside of crypto including banking and investment. He has brought his vast experience from these industries into crypto, which allows him to understand even the most complex topics and break them down in a way that is easy for readers from all works of life to understand. Scott’s pieces have helped to break down cryptocurrency processes and how they work, as well as the underlying groundbreaking technology that makes them so important to everyday life.

With years of experience in the crypto market, Scott began to focus on his true passion: writing. During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others.

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