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- 1 Bitcoin could reach $150,000 in 2024, says Tom Lee, the head of research of FundStrat.
- 2 When writing, Bitcoin was trading at $51,084; it had a market capitalization of $1 Trillion.
- 3 Almost every day, a new coin/token debuts on the market; over 2.2 million crypto products are listed on the CoinMarketCap.
Tom Lee, the head of research of FundStrat, has doubled down on his bullish outlook and claims that Bitcoin could reach $150,000 in 2024.
“You have demand improving with the new ETFs, you have supply shrinking with the halving, and if monetary policy eases which we expect, that’s supportive for risk assets,” Lee added while talking to CNBC.
The statement Lee came following the spike in the trading price of Bitcoin; most recently, it was seen approaching $53k, which is one of its highest trading prices in the past 365 days.
When writing, Bitcoin was trading at $51,084. It had a market capitalization of $1 Trillion; over 50% of the entire market capitalization of the crypto market is contributed by Bitcoin.
Bitcoin is the most reliable crypto, with more than 51% market dominance. However, the entire crypto market capitalization is $1.95 Trillion.
Lee is not worried. “Bitcoin has been holding up,” he added. “I do not think a drawdown is going to start that soon.” However, other analysts claim that Bitcoin price might cool down in the coming time after enjoying such mind-blowing hype in the past few weeks.
BTC price volatility could continue running up to the 4th Bitcoin halving event, which is due in April 2024. However, a significant improvement was in BTC trading price and inflow of funds in the Bitcoin ecosystem in the past few sessions.
Some big developments in the Bitcoin ecosystem are expected to be seen, as giant financial investment firms such as BlackRock and others have entered the crypto sectors and secured spot ETF approval from the US regulators.
Crypto Market Update
A sharp surge in global crypto adoption has raised hopes among crypto moguls and enthusiasts. Following the approval of Bitcoin spot ETF, a significant growth in fund inflow has been observed since its approval.
Almost every day, a new coin/token debuts on the market. Thousands of cryptos are listed on CoinMarketCap. The pace of growth has resumed since the crypto winter, which troubled the market amid other shocks.
As the crypto adoption rate is growing steadily, the count of frauds and scams associated with the industry has also surged in the past quarter. Over $1 Billion in crypto has been stolen in multiple years.
Several attempts have been made to prevent and stop fraudulent activities, but the bad actors are using the most advanced technology, and they mostly succeed in escaping silently.
In what comes as a source of reassurance for investors and institutions, an alliance of white hat hackers gathered $1 Million in funding. The hackers’ coalition aims to safeguard crypto-based firms from thefts, hacks, cyber-attacks, and other online frauds.
Amanda Shinoy is one of the few women in the space invested knee-deep in crypto. An advocate for increasing the presence of women in crypto, she is known for her accurate technical analysis and price prediction of cryptocurrencies. Readers are often waiting for her opinion about the next rally. She is a finance expert with an MBA in finance. Quitting a corporate job at a leading financial institution, she now engages herself full-time into financial education for the general public.
