Bitfinex estimates that the total market capitalization of the cryptocurrency market This is currently approximately $1.6 trillion. It tends to double. That could be as high as $3.2 trillion, according to Alpha.year
This is despite the challenges facing 2023, including regulatory obstacles. But the company remains optimistic about the resilience and potential growth of Bitcoin and other crypto assets.
Bitfinex expansion still continuingAmidst this positive sentiment The market recently launched a dedicated platform for Vietnamese customers. This is in line with our commitment to growth and global reach.
A large number of Vietnamese citizens are using cryptocurrencies. And the move reflects the company’s confidence in the potential of the cryptocurrency market. and the company’s strategy to deepen its presence in key markets.
The market value will increase 2 times.
According to Bitfinex, the prediction that the Crypto market capitalization will double is supported by various sentiment indicators. This revealed similar performance to the previous market cycle. The company expects the fear and greed index to swing towards “extreme greed” in relation to new highs for Bitcoin during the mid-year bull market.
Institutional investors It is expected to play a key role in the upcoming growth journey. The anticipated launch of the Spot Bitcoin ETF is seen as a catalyst for increased institutional investment. And most will likely favor Bitcoin, at least in the first half of 2024. However, a shift towards other, riskier crypto assets may occur after that.
Meanwhile, the MVRV (Market Value to Realized Value) indicator indicates current valuations are similar to those seen in mid-2019 and mid-2016, indicating that prices may decline before recovering further. sustainable, and Bitfinex expects Bitcoin’s price to fluctuate in the $44,000 to $45,000 range before making a significant upward move.
Bitcoin miners are also gearing up to wait for the halving, which will cut mining rewards in half.
“Our analysis indicates that the market is currently in good shape. with continued $BTC price growth and limited sales by miners.”
Adoption and inflation
The global adoption of Bitcoin continues to show a positive trend. This is especially true in markets like El Salvador, where it is declared legal tender. and in Argentina Where the public increasingly views Crypto as a hedge against inflation and devaluation.
“Bitcoin adoption in some key markets is also very promising. And we expect the number of crypto owners worldwide to increase to 950 million.”
If inflation remains high It will become another catalyst for more people to use Bitcoin.
refer : cryptoslate.com