Bitfinex Report: Crypto Market Cap Could Reach $3.2 Trillion by 2024

Key Points:

• Bitfinex forecasts a substantial surge in the crypto market cap, predicting its total value to reach $3.2 trillion by 2024.
• Analysts advise caution, drawing parallels to historical patterns and expecting a potential pullback following Bitcoin’s interaction with the $44,000–$45,000 zone.

In a comprehensive analysis, leading crypto exchange Bitfinex anticipates a significant surge in the crypto market cap, projecting its total value to reach $3.2 trillion by 2024. This bullish outlook is attributed to a series of events unfolding in 2023 and predictions of a robust 2024.

Read more: Crypto Market Fluctuates Strongly Due To Fears Of FTX’s $3.4 Billion Liquidation

Crypto Market Cap: Bitfinex Forecasts $3.2 Trillion Valuation by 2024

El Salvador continues to solidify its commitment to Bitcoin, with plans for increased investment in Bitcoin infrastructure and educational initiatives. The focus remains on fostering financial empowerment and inclusion, underscoring the nation’s steadfast integration of cryptocurrency into its economic fabric.

Simultaneously, the global crypto user base is on a trajectory to reach 950 million by 2024, soaring from the current 575 million. Each new user is seen as a crucial step towards a more inclusive financial landscape, potentially sparking a market value explosion in the coming year.

Argentina, amidst economic turbulence, is finding stability in Bitcoin. Beyond being perceived as a valuable asset, Bitcoin is hailed as a lifeline for those seeking financial security, according to insights from Bitfinex.

Bitfinex’s projections also emphasize a doubling of the total crypto market cap, rising from the current $1.6 trillion to the anticipated $3.2 trillion. The surge is expected to be fueled by increased involvement from institutional investors, particularly in crypto assets, where the introduction of spot Bitcoin ETFs is predicted to act as a catalyst.

Bitfinex cautions about potential market fluctuations, drawing parallels to historical patterns in June 2019 and July 2016. The analysis suggests a possible pullback following Bitcoin’s interaction with the $44,000-$45,000 zone, indicating that prices may either consolidate at these levels or experience a temporary decline before resuming an upward trajectory.