Crypto Market Predicted to Reach $5 Trillion by 2024, Ripple CEO Foresees

By: Eliza Bennet

In an ambitious forecast for the cryptocurrency industry, Ripple Chief Executive Officer Brad Garlinghouse anticipates a shift that would increase the entire cryptocurrency market capitalization to $5 trillion by the end of 2024.

Considering that the current global crypto market capitalization, as per CoinMarketCap, is approximately $2.59 trillion, this prediction implies a doubling in a short span of just nine months. If this dramatic rise happens, it would mark a revolutionary shift, strengthening the stature of the cryptocurrency industry as one of the world's most lucrative markets.

Garlinghouse attributes this projected market capitalization growth to multiple factors. He outlined key catalysts like Spot Bitcoin Exchange Traded Funds (ETFs) and the forthcoming Bitcoin halving event. He also pointed out that the increasing demand for cryptocurrencies, coupled with a dwindling supply, could lead to price appreciation and subsequently, amplify the overall market capitalization.

Furthermore, the Ripple CEO anticipates more clarity regarding cryptocurrency regulations, particularly in the United States. He hinted that a change in administration might lead to more favourable crypto regulations, further fuelling the growth of the industry.