Bitwise’s senior research analyst, Ryan Rasmussen, has forecasted a forthcoming record high for Bitcoin’s price in the upcoming year, surpassing the $80,000 mark. This projection coincides with the expected introduction of the inaugural spot Bitcoin ETF and the scheduled halving event in April 2024, both identified as pivotal catalysts for the digital asset’s price surge.
Rasmussen also envisions a notable upswing in stablecoin usage, anticipating that stablecoins will collectively settle more value than transactions processed by the payments giant Visa in 2024. Stablecoins, linked to various assets such as the U.S. dollar, have experienced rapid growth, evolving from nearly nonexistent to a market cap of $137 billion in the past four years. This upward trajectory is poised to persist, with stablecoins emerging as a substantial utility and fostering increased trading volume.
The asset management firm Van Eck similarly anticipates the total stablecoin market cap to reach $200 billion by the conclusion of the coming year.
Bitwise Analyst Predicts 100% Increase in Ethereum’s Revenue
Bitwise’s positive outlook extends beyond Bitcoin, as Ethereum is anticipated to undergo significant improvement in 2024. According to Rasmussen, Ethereum’s revenue is predicted to surge by 100% to $5 billion, with this optimistic forecast hinging on the potential impact of the EIP-4484 upgrade. This upgrade could potentially reduce gas costs on the main network to below $0.01.
Shifting focus to the realm of traditional finance, Bitwise identifies Coinbase as a primary beneficiary poised to capitalize on the consensus bull market of 2024. The projection indicates a substantial 100% growth in Coinbase’s revenue for the upcoming year, exceeding Wall Street expectations by a factor of ten.
The recent surge in optimism surrounding the approval of a spot Bitcoin ETF has already significantly influenced the leading cryptocurrency’s price this month. Bitcoin reached a level above $44,000 before undergoing a corrective phase.
