Will The Crypto Market Cap Double in 2024? What Does the Ripple CEO Predictions Tell Us?
This year has been eventful for crypto investors and enthusiasts, as most blockchain-based coins and tokens recovered from the recent crypto winter following the series of exchanges and bank collapses.
Brad Garlinghouse, the CEO of Ripple, predicted this recovery would accelerate and that the market capitalization would reach new highs, potentially over the $5 billion mark. Garlinghouse stated that macro factors are to be the catalyst for these predictions, and crypto investors are expected to see their investments double this year.
Let’s expand on these statements and analyze how feasible the Ripple CEO predictions are on the crypto market.
The CEO of Ripple Boasting the Crypto Market
The chief executive officer of Ripple, Brad Garlinghouse, indicated his optimistic opinion on the latest crypto market trends, highlighting the effects of increasing prices and growing demand on the market cap.
Garlinghouse mentioned that the current uptrend in cryptocurrencies would not go without leaving a long-term impact in terms of volume, capitalization, and prices.
March 2024 witnessed the most significant crypto boom, sending most coins’ prices skyrocketing, featuring Bitcoin’s new record price of $73,000 and Ethereum crossing the $4,000 mark for the first time since 2021.
Garlinghouse based his bullish forecast on various factors, significantly the following:
ETF Spot Trading
In January 2024, the United States Securities and Exchange Commission approved the applications of leading US investment firms to offer Bitcoin spot ETF trading. These requests were put in for a few months, and this acceptance has further boosted the demand for Bitcoin and, eventually, prices.
Considering the leading role of BTC, the coin’s price growth contributed to the overall market uptrend, lifting most currencies’ prices.
Bitcoin Halving
The Bitcoin halving is a technical event that will take place on April 20. During this event, the supply of Bitcoin will be slashed by 50%, and the miners’ reward will also be halved.
The last Bitcoin halving happened in 2020, which was followed by a massive price surge reaching new records. This year, a similar effect is anticipated, especially with Bitcoin’s central role in decentralized ecosystems, accounting for around 49% of the overall transactions.
Crypto Market Cap Prediction 2025
It is hard to predict the crypto market’s future. However, the ripple CEO prediction is that the overall market cap, which reached its all-time high in April 2024 at $2.8 trillion, will double by the end of this year, reaching nearly $6 trillion.
Garlinghouse also highlighted the importance of the 2024 US presidential elections, as new administration changes can bring new introductions to the financial regulators.
As it currently stands, the SEC’s chairman, Gary Gensler, has been strictly scrutinizing crypto-based exchanges and brokers, with multiple legal actions against blockchain-based projects, including Ripple Labs.
Conclusion
This year’s crypto boom is expected to majorly change the market forces, including the trading demand and market cap, or at least according to Ripple’s CEO’s prediction. Brad Garlinghouse expressed his optimistic point of view on the current market growth, indicating the Bitcoin halving countdown and recent BTC spot ETF approval can significantly drive the current $2.8 capitalization to double by the end of the year.
