Ripple CEO Brad Garlinghouse said the market capitalization of digital assets will double to $5 trillion by the end of 2024. In fact, in an interview with CNBC, Garlinghouse talked about his expectations and predictions for the cryptocurrency market towards the end of this year.
According to data from CoinMarketCap, the digital asset market currently has a market capitalization of $2.59 trillion. In the aforementioned interview, Garlinghouse said he is “very optimistic” about the trends the market has observed since the beginning of the year. Specifically, the approval of spot Bitcoin ETFs in the US has had a significant impact on the market so far.
Also Read: XRP Price: Analysts Bullish on $1 Break Despite Slow Ripple Rise
Ripple CEO predicts cryptocurrency market capitalization to reach $5 trillion by end of 2024
The digital asset market is having a pretty great year so far in 2024. In fact, the value of many cryptocurrencies has skyrocketed since the beginning of the year. Bitcoin has proven to be the rising tide that lifts all boats. In March of this year, it had soared to an all-time high of $73,000.
But many in the industry don't expect the strong performance to end anytime soon. Ripple CEO Brad Garlinghouse has predicted that the market capitalization of cryptocurrencies will double to $5 trillion by the end of 2024. In an interview with CNBC, he outlined his own optimism and the possibilities facing the market throughout this year.
Also read: Ripple surge after stablecoin announcement: Could XRP reach $1?
Garlinghouse pointed out that the existence of Spot Bitcoin ETFs has brought about “real” institutional investment for the first time in market history. So far, its inclusion has proven to be of great importance for the development of the market. Specifically, it has been the driving force behind the sharp rise in asset prices throughout this year.
This should increase further in April as the Bitcoin halving event approaches. In fact, in the latest countdown, the halving of BTC supply is expected to occur on April 20th. Moreover, experts predict that its presence will push prices even higher.
Ripple has also strived to increase its ability to exploit this immense potential. The company announced this month that it will launch its own stablecoin later this year. This will be an additional service to the company's ecosystem alongside its native XRP token.
