Why Bitcoin, Ethereum And 2 More Cryptos Are Poised To Boom In 2024

Following last year’s disastrous landscape for the crypto ecosystem — a year marred by scandals, collapses, losses and lawsuits — 2023 fared better. While the industry is still reeling from these developments, some assets have been slowly gaining ground.

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In turn, many experts argue that 2024 is off to a good start, with some cryptos poised to significantly progress. As of Dec. 20, the global cryptocurrency market cap was $1.72 trillion, according to CoinGecko.

Bitcoin

Price as of Dec. 20: $44,130
Past year: up 160.9%
Year-to-date: up 166.46%
Past 30 days: up 17.8%
All-time high: $68,789.63 on Nov. 10, 2021

Many experts are very bullish on Bitcoin for 2024 due to a combination of factors that could provide a perfect storm situation for the asset.

As David Waugh, lead analyst at Coinbits, explained, one significant development is the expected approval of spot Bitcoin ETFs (exchange-traded funds) in January- which could result- according to analysts from Galaxy Research- in $14.4 billion of institutional inflows into Bitcoin in the first year, exerting significant upward pressure on its price.

Another factor is that by the end of this year, Congress could also pass comprehensive crypto legislation providing the industry with much-needed regulatory clarity, making Bitcoin more attractive to banks – allowing banks to work with Bitcoin companies to enhance the services they can offer consumers, he said.

Finally, another key catalyst is the Bitcoin halving event slated for April, which occurs once every four years and has always been associated with a massive price increase in the months before and after the event, according to Ric Edelman, founder, Digital Assets Council of Financial Professionals.

“The impact of these developments on bitcoin’s price are expected to be substantial, with many predicting futurebitcoin pricesof $100,000 to $1.5 million,” said Edelman. “I’m expecting Bitcoin’s price to reach $150,000 by Dec 2025.”