Big Crypto Expert Predictions for 2024

Michael Saylor expects the halving of bitcoin in 2024 to create a supply shock that will boost institutional investment in exchange-traded funds (ETFs). Cathie Wood is ‘more optimistic than ever’ as crypto hedge fund managers see sustained growth in 2024.

Michael Saylor believes the approval of crypto ETFs will create a “highly trafficked” pipeline for companies to invest in bitcoin. However, this increased adoption will collide head-on with a reduction in the rate of new BTC creation next April, creating a perfect storm.

Big Crypto Predictions for 2024

However, Mr. Saylor did not commit to a price, unlike SkyBridge Capital founder Anthony Scaramucci. Although Mr. Scaramucci was limited by his investment in the failed FTX exchange, he believes demand for the ETF could push bitcoin to $100,000 next year.

Despite the deadly crypto winter, digital asset funds, including the flagship SkyBridge, eventually won the battle. The fund is currently up 25%, while other funds such as those of Stoka Global LLP posted impressive gains of 268%. The CEO of Chainview Capital, another crypto hedge fund, Daniel Slavin, recently predicted a “token mania” for 2024.

However, ARK Invest CEO Cathie Wood would not commit to a price. However, ARK’s realignment of cryptocurrency exposure in its exchange-traded products provides a clue to the company’s outlook.

On Wednesday, Wood sold shares of Grayscale’s Bitcoin Trust, taking advantage of the narrowing gap between GBTC shares and its underlying bitcoin. At the same time, ARK bought approximately 4 million shares of the ProShares Bitcoin Strategy ETF.

While the GBTC selloff helped capitalize on cryptocurrency price action in the short term, Ms. Wood denied longer-term confidence in Bitcoin’s ability to outperform crypto-related stocks.

To know more: How to Prepare for the Bitcoin Halving in 2024.

Altcoins will follow BTC

When it comes to altcoins, the picture is clearer in one direction and not so much in the other. Large-cap altcoins such as Ethereum and Solana are expected to perform well, with some caveats, while stablecoins could see higher volumes due to maturity regulations.

Spot ETF provider VanEck believes Ethereum will outperform large-cap tech stocks. Its rally will thus follow Bitcoin’s bullish momentum, with investors buying the cryptocurrency in half.

According to the company, the product will start outperforming Bitcoin after the April event and throughout the year, but will not “dethrone” BTC.

ETH/BTC price ratio
ETH/BTC price ratio | Source: VanEck

Solana, for its part, will become the blockchain with the third largest total block value in the sector (TVL), continuing its 2024 momentum.

Its increased importance will lead to a wave of ETF filings. Solana’s Pyth data oracle will exceed the total value secured by Chainlink, whose LINK token may struggle to secure market share.

To learn more: How to buy Solana? Everything you need to know.

VanEck believes that the market capitalization of stablecoins, crypto assets backed by fiat currencies, will rise to an all-time high. This increase will be driven by the European account of crypto-asset markets and the rise of high-yielding stablecoins.

In particular, Circle, whose USDC stablecoin suffered a drop in market share following the 2023 banking crisis, should see its volumes return to pre-crisis levels.

Moral of the story: Crypto years are like vintages.


Disclaimer: In accordance with The Trust Project guidelines, BeInCrypto is committed to providing unbiased and transparent information. This article aims to provide accurate and relevant information. However, readers are encouraged to check the facts for themselves and seek professional advice before making any decisions based on this content.

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