Bitfinex anticipates cryptocurrency market capitalization to double by 2024.
Bitfinex analysts have released a fresh report on the current state of the cryptocurrency market. The Bitfinex Alpha report provides a forecast for 2024 and offers an optimistic outlook for Bitcoin (BTC) and other digital assets. According to their estimation, the market capitalization of the crypto sector could rise to $3.2 trillion next year.
The experts predict that the Crypto Fear and Greed Index will indicate “extreme greed” sentiment in 2024, which will align with new BTC highs during the bull market’s peak. This optimistic sentiment is supported by Glassnode as the source.
Furthermore, as institutional investors increase their exposure to cryptocurrencies, driven by the highly anticipated spot Bitcoin ETF, there may be a shift in capital towards higher-risk crypto assets in the coming year.
In general, analysts believe that the cryptocurrency market is currently in a healthy state, providing ample room for further Bitcoin price growth. They also expect limited selling by miners, which further supports the positive outlook.
In a previous report, Matrixport analysts stated that if spot Bitcoin ETFs are approved in early January, the price of the leading cryptocurrency could reach $50,000 by the end of the month. They also recalled their earlier forecast of Bitcoin hitting $45,000 by the end of this year. Historically, Bitcoin has often experienced price surges between Christmas and New Year, with a 22% increase observed in 2020 during this period.
In other news, Matrixport forecasts that Bitcoin could reach $125,000 by the end of 2024. Stay updated by following us on Google News.
