Disclosure: crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. By using this website, you agree to our terms and conditions. We may utilise Affiliate links within our content, and receive commission.

VanEck, a prominent investment management firm, has released a set of 15 cryptocurrency predictions for the year 2024, casting a spotlight on potential significant developments in the digital asset space.

The firm’s report offers a detailed outlook, highlighting key predictions such as the anticipated launch of the first U.S. spot Bitcoin exchange-traded fund (ETF) in the first quarter and a projected record high for Bitcoin prices in the fourth quarter. The report also projects an upsurge in NFT activities and a possible shift in Binance‘s dominance in spot trading.

Bitcoin ETFs and Historical High Price.

VanEck predicts the eventual launch of the first U.S. spot Bitcoin ETFs in 2024, coinciding with an expected U.S. recession. They project substantial inflows into these ETFs, exceeding $2.4 billion in the first quarter, potentially stabilizing Bitcoin prices above $30,000.

Drawing on historical analogies with the SPDR Gold Shares (GLD) ETF, VanEck estimates initial inflows of around $1 billion shortly after the ETFs’ launch, increasing to $2.4 billion within a quarter. Over the first two years, they anticipate a surge in inflows up to $40.4 billion, driven by Bitcoin’s appeal as an alternative to traditional hard money assets and a reduction in transaction costs compared to current retail trading fees, such as Coinbase’s transaction fee of roughly 2.5%.

VanEck also anticipates a significant surge in Bitcoin’s value in late 2024. They predict Bitcoin will reach an all-time high on Nov. 9, fueled by political changes, specifically citing the potential election of Donald Trump as a catalyst for a more favorable regulatory environment in the U.S. This forecast aligns with historical patterns of Bitcoin’s price peaking exactly three years apart, as observed in 2017 and 2020.

NFT Market Regains Volume.

The NFT market is poised for a significant rebound, with monthly sales volumes expected to reach new record highs. This resurgence is attributed to a renewed interest in crypto, focusing on prominent NFT collections on Ethereum, enhanced crypto games, and innovative Bitcoin-based NFTs.

Prediction #6: NFT activity will rebound to an all-time high with Ethereum leading and Bitcoin gaining traction via the Ordinals protocol, shifting the ETH-to-BTC NFT issuance ratio to 3-1 by the end of 2024.
— VanEck (@vaneck_us) December 7, 2023

The introduction of Bitcoin’s Ordinals protocol and the development of Bitcoin’s layer 2 chains are projected to revitalize Bitcoin network fees and shift the NFT market dynamics. As a result, the dominance of Ethereum in primary NFT sales, which has been at a nearly 50-1 ratio compared to Bitcoin, is forecasted to narrow considerably, ending 2024 with a ratio closer to 3-1.

Binance to Descend, More to Rise.

A major shift in the ranking of centralized crypto exchanges may also come in 2024, with Binance expected to lose its top spot due to its $4 billion settlement with U.S. regulators. Emerging competitors like OKX, Bybit, Coinbase, and Bitget are likely to run for the lead. Specifically, Coinbase’s international futures market is projected to…

news/Bitcoin-etf-in-q1-and-Bitcoin-price-all-time-high-in-q4-vaneck-predictions-2024.htm” target=”_blank”>https://cryptonews.com/news/Bitcoin-etf-in-q1-and-Bitcoin-price-all-time-high-in-q4-vaneck-predictions-2024.htm

#crypto #Bitcoin #ethereum #cryptocurrency #news #blockchain #litecoin #cryptonews #cryptonewstoday #cryptoworld #cryptoworlddaily #binance #binancenews #binancenewstoday #Bitcoin #bitcoinnews #bitcoinnewstoday #NFT #nftnews #nftnewstoday #vaneck #vanecknews #crypto
***NOT FINANCIAL, LEGAL, OR TAX ADVICE! JUST OPINION! I AM NOT AN EXPERT! I DO NOT GUARANTEE A PARTICULAR OUTCOME I HAVE NO INSIDE KNOWLEDGE! YOU NEED TO DO YOUR OWN RESEARCH AND MAKE YOUR OWN DECISIONS! THIS IS JUST ENTERTAINMENT!
This information is what was found publicly on the internet. This information could’ve been doctored or misrepresented by the internet. All information is meant for public awareness and is public domain. This information is not intended to slander harm or defame any of the actors involved but to show what was said through their social media accounts. Please take this information and do your own research.
Bitcoin, blockchain, crypto, cryptocurrency, altcoin, investment, ethereum, Bitcoin crash, xrp, cardano, ripple

source