Bitwise Analyst: Expect Bitcoin Price to Surge to $80,000 in 2024

Odaily News Bitwise senior research analyst Ryan Rasmussen predicts that the price of Bitcoin will soar to $80,000 in 2024, setting a new all-time high. Bitwise predicts that the amount of funds used for settlement by stablecoins will exceed payment giant Visa in 2024. As of the third quarter of 2023, Visa processed more than $9 trillion in payments, while stablecoin transaction volume exceeded $5 trillion. The market value of stablecoins has grown from almost zero nearly four years ago to $137 billion now, and it is expected to usher in more transaction volumes and usage scenarios in 2024. Additionally, asset management firm Van Eck predicts that the total stablecoin market capitalization will grow to $200 billion by the end of next year. Bitwise also predicts that with the expected launch of the Bitcoin spot ETF in early 2024 and the Bitcoin halving event in April, Bitcoin will usher in important catalysts for price growth. Bitcoin spot ETF assets under management are expected to reach $72 billion in the next five years. Ethereum will also improve significantly in 2024, with its revenue expected to grow 100% to $5 billion, while the EIP-4484 upgrade may reduce Ethereum mainnet gas fees to less than $0.01. In the traditional finance (TradFi) space, Coinbase is seen as the top contender to benefit the most in 2024, with Bitwise predicting that its revenue will grow 100% next year, exceeding Wall Street expectations by ten times. (Cointelegraph)