VanEck made 15 cryptocurrency predictions for 2024, including price forecasts and the timing of the spot Bitcoin ETF launch.
The firm estimates Bitcoin (BTC) will reach a new all-time high in late 2024 amid a long-feared US recession and regulatory changes following the next US presidential election. They will take place on Nov. 5, 2024.
Additionally, VanEck expects the first spot Bitcoin ETFs to be approved in the first quarter. However, he also had dire forecasts for the US economy.
The firm also believes Ether (ETH) will unlikely disrupt Bitcoin in 2024 but will outperform the most significant tech stocks.
“Like past cycles, Bitcoin will lead the market to rally, and the value will flow into smaller tokens just after the halving. ETH won’t begin outperforming Bitcoin until post-halving and may outperform for the year, but there will be no flipping.”VanEck
Despite this, Ether’s market share will compete with other smart contract platforms such as Solana, which has “less uncertainty regarding its scalability roadmap,” the company predicts.
VanEck also predicted that Binance would lose its leading position as a centralized exchange in volume as competitors such as Coinbase, OKX, Bybit, and Bitget compete for leadership.
Since November, the crypto market has been experiencing an active rally phase. In particular, from last year’s lows, Bitcoin has already grown by 163%. The first cryptocurrency had retreated from its annual high of $44,465 and is now trading at $43,2000.