The post Bitfinex Predicts Crypto Market Cap to Hit $3.2 Trillion appeared on BitcoinEthereumNews.com.

Analysts at the popular crypto exchange Bitfinex expect the crypto market to double its current value over the next twelve months.  The global cryptocurrency market cap has doubled since the start of the year, moving from $800 billion to $1.6 trillion. Several top cryptocurrencies have seen triple-digit gains, with Bitcoin specifically set to close the year with over 150% gains from the past twelve months.  However, popular cryptocurrency exchange Bitfinex expects things to get even more exciting in the coming year. In a 52-page report titled Bitfinex Alpha, the exchange shared an overview of the current crypto and macro landscape and made projections for 2024. A significant highlight from the report is that the cryptocurrency market cap will see over 100% growth within the next month. Its value would soar as high as $3.2 trillion, surpassing the record $3 trillion set during the most recent bull market in 2021, Bitfinex predicts. Per the report, growth would largely be driven by a number of factors. Prime among them is the impending launch of a spot Bitcoin ETF in the United States. Bitfinex described the widely anticipated rollout as “a significant milestone in the maturation of the cryptocurrency market,” arguing that it would pave the way for more institutional and passive investment capital to find its way into the crypto industry.  Another potential driver of price action will include increased adoption of Bitcoin and cryptocurrencies in inflation-prone regimes like Argentina. A nation-state like El Salvador, which is developing Bitcoin-focused infrastructure and fostering education, will also contribute to favorable BTC prices, according to the report.  In the meantime, Bitfinex noted that Bitcoin’s latest consolidation below $44,000-$45,000 mimics price action in June 2019 and July 2016, when Bitcoin struggled to overcome major resistance levels. Yet, a break above the zone and new highs eventually…

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Filed under: News - @ December 29, 2023 11:22 pm