Ethereum’s Growing User Base Drives Revenue Predictions to Soar: Expected to Increase Twofold to $5 Billion
Bitwise Invest, a specialized investment firm in the crypto industry, has recently unveiled its anticipated predictions for the cryptocurrency market in 2024. These projections offer insights into the future of the industry and highlight significant milestones and potential breakthroughs for major cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH), as well as exchanges such as Coinbase.
According to Bitwise’s predictions, Bitcoin is expected to break previous records and trade above $80,000, reaching a new all-time high. The firm attributes this optimistic outlook to two key factors: the imminent launch of a spot Bitcoin exchange-traded fund (ETF) early in 2024 and the anticipated halving of new Bitcoin supply by the end of April. Additionally, Bitwise expects the spot Bitcoin ETFs to be approved and collectively become the most successful ETF launch in history.
Interestingly, Bitwise also forecasts that Coinbase, one of the largest cryptocurrency exchanges, will witness a doubling of its revenue, surpassing Wall Street’s expectations tenfold. The firm points out that Coinbase’s trading volumes typically soar during bullish market conditions, and they anticipate a similar trend in 2024. Furthermore, Bitwise highlights the successful launch of various new products by Coinbase, which have gained considerable traction in the market.
On another note, the investment firm predicts that more money will settle using stablecoins compared to traditional payment giant Visa. Bitwise considers stablecoins as one of crypto’s “killer apps” and notes their remarkable growth from virtually zero to a $137 billion market in just four years. Bitwise anticipates 2024 to be another significant year for stablecoin expansion.
Bitwise also expects Ethereum’s revenue to more than double from $2.3 billion in 2023 to $5 billion in 2024. This growth is attributed to the increasing number of users gravitating towards crypto applications. Bitwise emphasizes Ethereum’s potential as one of the fastest-growing large-scale tech platforms globally. Furthermore, the firm anticipates a major upgrade to Ethereum, labeled EIP-4844, which could reduce average transaction costs to below $0.01. This substantial cost reduction is expected to pave the way for mainstream adoption and the development of innovative applications within the crypto ecosystem.
As a bonus prediction, Bitwise suggests that by the end of 2024, one in four financial advisors will allocate funds to cryptocurrencies in their clients’ accounts. The firm envisions increased adoption by financial advisors once Bitcoin becomes easily accessible and mainstream.
In summary, Bitwise Invest’s predictions for the crypto market in 2024 paint an exhilarating future for the industry. With expectations of a new all-time high for Bitcoin, the successful launch of spot Bitcoin ETFs, and revenue growth for industry giants like Coinbase and Ethereum, the crypto space is poised for significant advancements in the coming years.
Please note that this article is provided for educational purposes only and does not represent the opinions of NewsBTC regarding investment decisions. It is advised to conduct thorough research before making any investment choices.