Bitwise analyst predicts: Bitcoin price will soar to a new high of $80,000 in 2024

According to Cointelegraph, Ryan Rasmussen, a senior research analyst at Bitwise, predicts that the price of Bitcoin will soar to a new high of $80,000 in 2024. In the same year, the amount of funds used for settlement by stablecoins surpassed payment giant Visa. As of the third quarter of 2023, Visa processed over $90 trillion in payments while stablecoin transaction volume exceeded $50 trillion. The market value of stablecoins has grown from nearly zero four years ago to its current $137 billion and is expected to see more trading volume and use cases in 2024.

In addition, asset management company Van Eck predicts that by the end of next year, the total market value of stablecoins will grow to $200 billion. Bitwise also forecasts that with the anticipated launch of Bitcoin spot ETFs at the beginning of 2024 and Bitcoin's supply halving event in April, Bitcoin will encounter significant catalysts for price growth. The assets managed by Bitcoin spot ETFs are expected to reach $72 billion within five years. Ethereum is also set for significant improvement in 2024 with an estimated revenue increase by 100% reaching $5 billion; meanwhile EIP-4484 upgrade could potentially reduce gas costs on mainnet below $.01.

In traditional finance (TradFi), Coinbase is seen as one top competitor benefiting most from this trend in 2024; Bitwise projects its revenue will grow by 100% next year which exceeds Wall Street's expectations tenfold.