Bitwise's 2024 Crypto Market Forecast: Bitcoin Breaks $80,000, Ethereum Revenue Grows to $5 Billion
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Bitwise's 2024 Crypto Market Forecast: Bitcoin Breaks $80,000, Ethereum Revenue Grows to $5 Billion
This article mainly introduces Bitwise's predictions for cryptocurrencies in 2024.
Navigating Web3 tides with focused insightsBy: Bitwise
Translation: TechFlow
Market conditions are gradually improving, with anticipated Federal Reserve rate cuts and the approval of Bitcoin ETFs on the horizon, serving as catalysts for this bull market rally.
This article outlines Bitwise's predictions for the cryptocurrency market in 2024, including Bitcoin reaching new all-time highs, spot Bitcoin ETFs becoming the most successful ETFs ever launched, and Coinbase doubling its revenue.
1. Bitcoin price will surpass $80,000, setting a new all-time high.
Two key factors will drive Bitcoin past $80,000: the expected launch of spot Bitcoin ETFs in early 2024 and the Bitcoin halving event around late April, which reduces the supply issuance rate.
2. Spot Bitcoin ETFs will be approved
We believe Bitcoin ETFs will become the most successful ETFs in history.
Within five years, we estimate that spot Bitcoin ETFs could capture 1% of the U.S. ETF market—currently valued at $7.2 trillion—amounting to $72 billion in assets under management.
3. Coinbase’s revenue will double
Our third prediction is that Coinbase’s revenue will double, exceeding Wall Street expectations by at least tenfold.
Historically, Coinbase’s trading volume surges during bull markets, and we expect the same pattern to repeat. Additionally, the company has launched several compelling new products.
4. More funds will settle using stablecoins than Visa
Stablecoins are one of crypto’s “killer applications.” Over the past four years, the market has grown from zero to $137 billion, and we anticipate continued expansion in 2024.
5. Tokenized funds will launch on-chain
As Wall Street prepares to tokenize real-world assets, JPMorgan will launch a tokenized fund on-chain.
Launching a tokenized fund will allow them to leverage the efficiency offered by on-chain assets while gaining access to the rapidly growing cryptocurrency market.
6. Ethereum’s revenue will grow beyond $5 billion
With the arrival of the bull market, users will flock to crypto applications, driving Ethereum’s revenue to more than triple, exceeding $5 billion.
In 2023, users paid approximately $2.3 billion in fees to use Ethereum. We project this figure will grow by at least two times in 2024, making Ethereum one of the fastest-growing large-scale tech platforms in the world.
7. Taylor Swift will launch NFTs to engage fans
Spotify (where Swift was the most-streamed artist in 2023, with over 26 billion plays) is experimenting with special music playlists that require listeners to own specific NFTs to access.
8. Artificial intelligence will accept cryptocurrency payments
We believe AI assistants will begin using cryptocurrencies for online payments, confirming crypto as the “native currency of the internet.” We believe AI assistants will favor digital-native currencies such as Bitcoin or stablecoins. We expect this trend to begin in 2024.
9. Web3 will produce a new killer application
We believe decentralized prediction markets will become the primary platform for event-based and traditional sports betting.
Prediction markets will attract over $100 million in volume, establishing themselves as crypto’s next “killer application.”
10. Ethereum upgrades will drastically reduce transaction costs
We believe major Ethereum upgrades will bring average transaction costs below $0.01.
EIP-4844 could reduce Ethereum’s usage costs by over 90%. We believe this upgrade will pave the way for the first truly mainstream application in the crypto space.
Finally, we believe that once Bitcoin becomes easier to access and more convenient to invest in, an increasing number of financial advisors will allocate crypto assets in client portfolios. By the end of 2024, one-quarter of financial advisors will hold crypto assets in their clients’ accounts.
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