At the end of 2024, Bitcoin will set a new high, Binance will lose its top position, VanEck predicts
After the next US presidential election, Bitcoin (BTC) will hit a new all-time high in late 2024.
On December 8, VanEyck made 15 crypto predictions for 2024, including price predictions, the timing of a spot Bitcoin ETF launch, the impact of the Bitcoin halving, and emerging crypto platforms.
VanEck's 15 Crypto Predictions for 2024
Prediction number 1. The US recession will finally arrive, but so will #Bitcoin ETFs in the first place. By Q1 2024, more than $2.4B could flow into these ETFs to support the price of Bitcoin.
— VanEck (@vaneck_us) December 7, 2023
VanEyck is one of several firms, including BlackRock and Fidelity, that have a stake in Bitcoin exchange-traded funds, as well as an Ethereum ETF.
$2.4B flowed into Bitcoin ETFs in Q1
VanEck is confident that the first position Bitcoin ETFs will be approved in the first quarter. However, he also had a gloomy forecast for the US economy.
“The US recession will come eventually, but so will Bitcoin ETFs first,” he said, before predicting that “more than $2.4 billion could flow into these ETFs in Q1 2024 to support the value of Bitcoin.”
The firm said that a BTC halving in April or May would “see minimal market disruption” but that prices would rise after the halving.
Van Eyck predicts Bitcoin will hit an all-time high in Q4 2024, “driven by political events and regulatory shifts following the US presidential election.”
The United States presidential election It will be held on November 5, 2024.
Ether is not transcribed to Bitcoin.
The company says it believes Ether (ETH) won't topple Bitcoin in 2024, but will still outperform major tech stocks.
“As in previous cycles, Bitcoin will lead the market in a rally, and after the halving, it will flow into smaller tokens. ETH will not start to climb until after the post-halving day of Bitcoin and may be better for the year, but there will be no “reversal”, wrote Van Eyck.
Despite this, Ether's market share will be tested by other modern contract platforms such as Solana, which predicts “less uncertainty around the expansion roadmap”.
Ethereum is the current industry standard for modern contracts with a market capitalization of $285 billion. Solana is a high-throughput blockchain competitor with a market cap of $30 billion.
However, Ethereum layer-2 networks will retain most of the EVM-compatible total value locked and transaction volume when the EIP-4844 update is implemented.
Decentralization to undermine AI monopolies
Earlier this week, Andreessen Horowitz (a16z) also made several predictions in Big Ideas in Tech, released on December 6th in Tech for 2024, although the focus is on artificial intelligence and decentralization. a16z is one of the industry's largest venture capital firms, investing millions annually in Web3 startups.
The VC firm believes it will help move crypto AI away from a few tech giants like OpenAI, Google and Meta and into the wider Web3 community.
A few things we are excited about in crypto (2024):
→ Entering a new era of decentralization → Reinventing the UX of the future → Increasing the modular technology stack → AI + blockchains coming together → Playing to earn becomes a game and earn → When AI becomes a game maker… pic.twitter.com/fiL4Eahwuy
— a16z crypto (@a16zcrypto) December 6, 2023
Decentralized networks, he says, balance out centralized artificial intelligence models that require massive resources currently only accessible to tech giants.
However, crypto networks can enable unlicensed markets where anyone can contribute computing power and data to train large linguistic models, and by 2024 this will be even more so.
“With crypto, it is possible to create multilateral, global permissionless markets where anyone can contribute – and be compensated – for a network contribution computer or a new set of data.”
Related: Bitcoin to the Moon! Top 5 BTC price predictions for 2024 and beyond
VanEck predicted that Binance will lose its top spot as a central exchange as competitors such as Coinbase, OKX, Bybit and Bitget vie for the lead.
Binance has come under regulatory pressure around the world, with its CEO Changpeng Zhao, a highly influential industry leader, recently stepping down in a $4 billion settlement with the US Department of Justice.
Meanwhile, stablecoin market capitalization will reach $200 billion, Circle's USDC will make a comeback, decentralized exchanges will reach new heights for spot trading volumes, and KYC-compliant DeFi platforms are predicted to outnumber non-KYC ones.
KYC-enabled and walled applications such as Ethereum's authentication service or Uniswap Hooks use non-KYC applications to gain significant traction in approaching or overriding user bases and payments.
Magazine: Asia Express: HTX Hacked Again for $30M, 100K Koreans Test CBC, Binance 2.0
