Ripple CEO Forecasts Crypto Market Capitalization Growth to $5T By Year End

Ripple CEO Brad Garlinghouse remains “very optimistic” about the crypto market gains this year, especially due to the emergence of the Spot Bitcoin ETFs. Reinforcing his bullish views, Garlinghouse forecasted that the crypto market capitalization would grow more than 2x to reach $5 trillion by the end of 2024.

Garlinghouse elaborated on the significant impact of the increasing demand for Bitcoin ETFs on the crypto market. Ripple CEO acknowledged Bitcoin ETFs as a game changer in the industry as it enabled the active participation of institutional and retail investors. He stated,

“I’ve been around this industry for a long time, and I’ve seen these trends come and go. I’m very optimistic. I think the macro trends, the big picture things like the ETFs, they’re driving for the first time real institutional money.”

According to the recent updates of CoinMarketCap, the global crypto market cap rests at $2.59 trillion, with a slight increase of 0.14% over the last 24 hours. Garlinghouse’s predictions provide a cheerful picture of the upcoming trends in the market, which will supposedly lead to the doubling of the current market cap.

Another prominent factor pointed out by Garlinghouse that substantially impacts the astounding growth of the crypto industry is the upcoming Bitcoin halving. According to his perceptions, while Bitcoin halving reduces the supply of new coins, the demand for Bitcoin increases. He stated,

“You’re seeing that drives demand, and at the same time demand is increasing, supply is decreasing. That doesn’t take an economics major to tell you what happens when supply contracts and demand expands.”

Following the Bitcoin ETF launch, the crypto market has seen a major uptick, with Bitcoin rising to a new all-time high of $73,700 on March 14. Despite fluctuations and the recent downward trend, investors and analysts believe the halving event would result in an imminent bull rally across the crypto market.