The crypto market reaches 5 trillion dollars

Ripple CEO Brad Garlinghouse expressed his optimism for the future of the crypto market. The total market capitalization is predicted to reach $5 trillion by the end of 2024.

In a recent CNBC interview, he pointed to a number of factors fueling his bullish forecast, including significant macroeconomic factors and the pace of deregulation.

Will US Regulation Spark Crypto Market?

The highlight of his prediction is the introduction of US-based Bitcoin Exchange Traded Funds (ETFs) and the Bitcoin halving event this year.

Bitcoin halving is a built-in mechanism that halves mining rewards every four years. The next halving will reduce rewards from 6.25 Bitcoin (BTC) to 3.125 BTC. Historically, Bitcoin halves to higher prices. Following the last halving in May 2020, the price of Bitcoin has increased from $8,590 to $69,600 at the time of writing.

Additionally, after halving in 2020, the total crypto market value has grown more than 1,040%, reaching $2.72 trillion on April 8, 2024, Asian market time, according to CoinGecko data.

Read more: What is Bitcoin Half?

Garlinghouse also emphasized that positive regulatory developments in the United States could strengthen the crypto market.

“I think we will get more [regulatory] Transparency in the United States,” Garlinghouse said.

As previously reported by BeCrypto in March, Patrick McHenry, a Republican representative of the House Financial Services Committee, has indicated the possibility of adding legislation that would provide regulatory transparency for cryptocurrencies. Clearer regulations promote stability and ultimately attract traditional industries to the sector.

As a major player in the crypto sphere, Ripple is no stranger to regulatory challenges. XRP has faced regulatory battles with the Securities and Exchange Commission (SEC) over the sale of unregistered securities. Garlinghouse's forecast shows broad optimism that the industry will make progress on this front.

Read more: Everything you need to know about Ripple vs SEC

Ripple's CEO's optimism echoes widespread confidence among industry experts. Many analysts predict that the price of Bitcoin will exceed $100,000 by the end of the year. Increasing institutional interest in various crypto-based spot ETFs, including those focused on Ethereum (ETH), further supports this bullish view.

Moreover, this year, venture capital giants like Galaxy Digital, Paradigm and a16z continue to invest heavily in crypto and Web3 projects and startups. These trends confirm that this asset class has great potential for the future.