Ripple CEO Brad Garlinghouse has said that the digital asset market cap will double to reach $5 trillion by the end of 2024. Indeed, Garlinghouse spoke to CNBC, where he discussed his anticipation and projections for the cryptocurrency market heading into the end of this year.
Currently, the digital asset market has a market cap of $2.59 trillion, according to data from CoinMarketCap. In the aforementioned interview, Garlinghouse noted that he was “very optimistic” regarding the trend that the market has observed since the start of the year. Specifically, the approval of Spot Bitcoin ETFs in the United States has had a massive impact on the market thus far.
Also Read: XRP Price: Analyst Bullish For $1 Breakout Despite Ripple’s Sluggish Ascent
Ripple CEO Predicts $5 Trillion Crypto Market Cap By end of 2024
The digital asset market has enjoyed a rather impressive 2024 thus far. Indeed, it has seen a plethora of cryptocurrencies surge in value since the start of the year. Bitcoin has proven to be the rising tide that lifts all boats. It had ascended to an all-time high of $73,000 in March of this year.
However, many within the industry don’t expect the positive performers to cease any time soon. Ripple CEO Brad Garlinghouse has predicted the crypto market cap will double to reach $5 trillion by the end of 2024. Speaking to CNBC he outlined his optimism and the potential that the market will face throughout this year.
Also Read: Ripple Surges After Stablecoin Announcement: Can XRP Hit $1?
Garlinghouse noted that the presence of Spot Bitcoin ETFs brings about “real” institutional investment for the first time in the market history. Thus far, that inclusion has proven to be massively important for the development of the market. Specifically, it has been the fuel to surging asset prices throughout this year.
That should only increase in April, with the Bitcoin halving event nearing. Indeed, the latest countdown estimates that the halving of the BTC supply should take place on April 20th. Moreover, experts predict its presence to drive prices even further.
Ripple has also sought to increase its ability to capitalize on this immense potential. This month, the company announced that it will launch its very own stablecoin later this year. It will be an added offering for the company’s ecosystem alongside its native XRP token.
Credit: Source link
