- For 2024, Mobius informed CNBC that in the 2024 crypto market, Bitcoin may witness one of its highest points by going beyond $60,000.
- According to Coinpedia, Ether is estimated to surpass the $ 5,000 mark soon.
- Over the past month, BNB price has had 18/30(60%) green days and 11.27% price.
The web3 community finally embarked on a new year filled with plenty of hope and expectations. 2023 had been a trying year for the entire web3 franchise. The 2023 crypto crash adversely affected the blockchain industry, off-throwing most crypto predictions and forcing many to rethink its use and security. During the first few months of 2023, the entire industry came under fire, with regulatory and governmental bodies taking drastic measures against the franchise.
Fortunately, the year had its highlights, with decentralized applications becoming more mainstream. The crypto industry has steadily regained its momentum, with global payment systems gradually adopting crypto payment gateways. This unexpected turn soon became the fuel behind the gradual rise of Bitcoin’s price.
Many crypto trades and enthusiasts have pinned their hopes on 2024, with many analysts estimating an intensive crypto bull run. The industry has faced many ups and downs, but for the 2024 crypto market, we are expecting an unprecedented rise. Here is a look at the top crypto predictions in 2024.
Crypto Predictions in 2024
The entire dynamic of the crypto market revolves around its volatility, the bane of the industry, and its greatest assets. In a nutshell, volatility works based on supply and demand. The higher the demand, the higher the price, the lower its supply, and vice versa.
The crypto market has one of the highest volatility rates today. Cryptocurrency is traded daily with participants trying to gain profits with its consistent supply and demand. Due to this, most governmental regulatory bodies have shunned the use of cryptocurrency. Its instability presents too many risk factors for an economy to rely on.
On the other hand, it’s because of volatility that the crypto market has grown significantly over the years. The demand for Bitcoin has increased over the years, breaking previous expectations and making it one of the most valued currencies in existence.
Unfortunately, various factors affect the demand for Bitcoin, causing its highs and lows. At the beginning of 2023, the FTX crash caused many to lose faith in the entire industry, causing its demand to plummet and affecting its price. Fortunately, in the past few months, the demand for cryptocurrency has risen significantly. For instance, at the time of writing, Bitcoin grew from $15,000 to $45,000, with several experts anticipating its gradual rise. Below is a list of the potential crypto predictions in 2024.
Bitcoin Price anticipated to surpass $80,000
Bitcoin, the original cryptocurrency, is the most valued digital asset within the web3 industry. The value of Bitcoin sets the stage for the entire crypto industry; hence, many experts have focused their attention on it.
The 2023 crypto market was one of the worst years for the original cryptocurrency. Its value reached an all-time low of $15,000 due to the FTX crash and the recent Binance fiasco. Despite the year’s questioning on, the crypto market reminded us of how resilient the industry has been. At the end of the 2023 crypto market, Bitcoin’s process made an unprecedented comeback, shocking the entire industry, but some foreshadowed this estimate.
For instance, Mark Mobius correctly forecasted BItcoin’s price to drop to $20,000 when its value dropped to $28,000 in 2022. In 2023, he anticipated that Bitcoin’s price would drop to an all-time low of $10,000 if the crypto crash persisted. Fortunately, bitcoin rallied through the intervention of various events and gained momentum after reaching its $15,000 mark. For 2024, Mobius informed CNBC that in the 2024 crypto market, Bitcoin may witness one of its highest points by going beyond $60,000.
The US SEC verdict on the Bitcoin EFT case will significantly change the trajectory of Bitcoin’s price.[Photo/CoinGape]Youwei Yang, Chief economist of Bit Mining, also concurs with this notion. According to Youwei, Bitcoin’s price will likely hit its highest point, surpassing $75,000. He attributed this rise to the long-anticipated Bitcoin EFT appeal. If the US SEC officially recognized the Bitcoin EFT petitions, it would lead to higher institutional investment in Bitcoin.
Yang commented, “I anticipate the Bitcoin will be trading around $25K to $75K in 2024, and $45K to $130K in 2025. While high prices are possible, not all investors will profit due to market volatility and the human tendencies of fear and greed. Timing the market is hard, but a gradual approach — accumulating in bear markets and taking profits in bull markets — might be a more effective strategy for those who don’t have early-on accumulations.“
In addition, James Butterfill, head of research at CoinShare, estimated that Bitcoin’s price would surpass $80,000. He said, “This long-awaited development is poised to expand the investor base for cryptocurrencies and integrate them more closely with traditional financial markets. Estimations suggest that a 20% investment increase from current assets under management (around US$3 billion) could potentially propel Bitcoin prices to US$80,000.“
Ethereum Price Prediction
Ether, Bitcoin’s only competitor, has also presented a potential price surge. Vitalik Buterin has already rolled out a detailed plan for 2024, highlighting a significant advancement in the crypto world.
At the time of writing, Ether is valued at $2,425.84, showcasing a daily increase of 2.84% and a monthly growth of 14.45%. According to Coinpedia, Ether is estimated to surpass the $ 5,000 mark soon. In November 2023, BlackRock announced its interest in spot Ethereum exchange-traded funds, significantly boosting its price over the past two months.
In addition, Asset Manager Grayscale Investment, which recently won a landmark legal victory against the US SEC on Bitcoin, has now changed its sight to Ethereum ETF. As a response, the SEC gave an extension on the ETH EFT decision until January 2024
Ryan Rasmussen commented, “Ethereum revenue will be more than 2x to $5 billion as users flock to crypto applications. In 2023, users will pay ~$2.3b in fees to use Ethereum. We think that will at least 2x in 2024, making Ethereum one of the fastest-growing large-scale tech platforms in the world.“
Binance Coin Prediction
The legal battle between Binance and the US SEC heavily affected its reputation. Despite this, the BNB Coin has recovered amid the 2024 crypto bull run. In the past three months, despite facing numerous backlash from the crypto community, it has made an impressive return of 445 in the last few months.
At the time of writing, the BNB coin price is $319.8 today, with a current market cap of $48.51 billion and a 24-hour trading volume of $974.27 million. Currently, analysts remain optimistic and have projected the year at a range of $800 to $1000. Over the past month, BNB price has had 18/30(60%) green days and 11.27% price. According to CoinCodex, BNB Coin price is predicted to rise by 8.46% and reach $346.17 by January 7, 2024. Many experts have predicted a positive trajectory for Binance in the crypto predictions for 2024.
Expectations for greener pastures
As Web3Africa, we must indicate that these figures are not financial advice but predictions gathered from market analysis. The top three cryptocurrencies hold a vital sway over the entire crypto industry. The crypto predictions in 2024 are not set in stone. News articles, events, and legal events have sway over the industry.
Bitcoin, Ether, and BNB Coin set the stage for other altcoins to improve. For instance, should Cardano’s technological and partnership advancements continue, especially in developing countries, its price might hypothetically reach between $2 and $3. As for Solana, if its ecosystem continues to grow and develop in the DeFi and DApps space, it could potentially see prices ranging from $150 to $200.
The crypto prediction in 2024 all in on a positive crypto market for the year.