Chief Executive Officer (CEO) of Ripple, Brad Garlinghouse boldly forecasts a transformational change in the cryptocurrency industry, predicting a figure of $5 trillion cryptocurrency market capitalization in 2024
Ripple CEO claims that cryptocurrency market capitalization will double by the end of the year
In a recent interview with CNBC, Garlinghouse made a shocking prediction, stating that he sees the whole situation market capitalization of the cryptocurrency industry will grow to $5 trillion by the end of 2024. The significance of this forecast is extremely critical, not only because of the surprising numbers, but also because of the ambitious timeline.
Since the concept of cryptocurrency was introduced about 40 years ago and its inception Bitcoin in 2009, the overall market capitalization of the industry was only in the state reach approximately USD 2.5 trillion. This tremendous growth in a lively industry has been driven by evolutionary changes that have significantly changed the fundamentals of the financial sector.
The raise to $5 trillion, Garlinghouse expects, will result in a doubling of the cryptocurrency industry’s market capitalization in about nine months. This significant growth in such a miniature period would represent a revolutionary change in the industry, increasing its dominance as one of the most lucrative and booming markets in the world.
Currently, according to CoinMarketCap, the global cryptocurrency market capitalization is estimated at $2.59 trillion, reflecting an raise of 0.74% over the last 24 hours. The cumulative market volume has also increased to approximately $61.98 billion, with Bitcoin’s dominance accounting for over 50% of the total cryptocurrency market.
Key factors in the growth of fuel market capitalization
During the interview, Garlinghouse revealed several key factors that could raise the cryptocurrency market capitalization to $5 trillion. Ripple’s CEO revealed that macro factors, including: Spot Bitcoin Exchange Traded Funds (ETFs) and upcoming Bitcoin halving eventwere the main catalysts for market expansion.
Expressing optimism about the cryptocurrency industry, the CEO shared insights from years of observing market trends. He emphasized that introduction of ETF funds is a major factor attracting and putting pressure on institutional investors around the world significant resources for the market.
Additionally, Garlinghouse pointed out that due to these macro factors, demand for cryptocurrencies is increasing while their supply is decreasing. He made it clear that it was imbalance in supply and demand usually results in an raise in prices, which ultimately has a positive impact on the overall market.
Ripple’s CEO also stated that he expects more clarity of regulations in the cryptocurrency industry, especially in United States. He mentioned the possibility of a favorable change in cryptocurrency regulations after the country’s elections and transition to a up-to-date administration.
Total market cap at $.26 trillion | Source: Crypto Total Market Cap on Tradingview.com
Featured image from Bitcoin Sistemi, chart from Tradingview.com
