Leading investment management firm VanEck has outlined its predictions for the crypto market in 2024, offering insights into potential economic and technological developments.
Key projections include the anticipation of a U.S. recession alongside the launch of the first-spot Bitcoin ETFs, potentially influencing Bitcoin dynamics significantly.
VanEck expects the fourth Bitcoin halving to occur smoothly, with Bitcoin’s price surpassing $48,000 after an adjustment period. Ethereum’s market dominance is predicted to persist, with Layer 2 solutions gaining prominence.
The NFT market is forecast to rebound, and Solana is expected to outperform Ethereum. VanEck also envisions a stablecoin market surge, potential changes in decentralized exchanges (DEXs), and a shift in DeFi with the adoption of Know Your Customer (KYC) regulations.
In its latest move within the cryptocurrency sector, VanEck has submitted its fifth amendment to the S-1 Form with the U.S. Securities and Exchange Commission (SEC), providing updates on the VanEck Bitcoin Trust, a forthcoming spot Bitcoin Exchange-Traded Fund (ETF) to be listed under the symbol HODL.
This development underscores VanEck’s prolonged efforts to launch the ETF, with James Seyffart from Bloomberg Intelligence emphasizing the significance of this being the Fifth Amendment.
Matthew Sigel, Head of Digital Assets Research at VanEck, commented on the competitive landscape, acknowledging the potential market impact if major players like BlackRock enter the scene.
VanEck anticipates SEC approval for the spot Bitcoin ETF in January, projecting $2.4 billion in inflows in the first quarter with a 2024 Bitcoin price prediction of $100,000.
Image Credit: Shutterstock
Keep in mind that we may receive commissions when you click our links and make purchases. However, this does not impact our reviews and comparisons. We try our best to keep things fair and balanced, in order to help you make the best choice for you.
