Global Crypto Market Cap May Hit $5 Trillion by December 2024, Ripple CEO

Ripple’s CEO, Brad Garlinghouse, recently claimed that the crypto market capitalization may likely double this year. Per the CEO, spot Bitcoin Exchange-Traded Funds (ETF) and the upcoming halving will boost the market.  

He also believes that positive developments from the United States crypto regulators could improve market performance.

Garlinghouse, Beard Foresee Surge in Crypto Market Capitalization Value

Garlinghouse shared these views in an interview with CNBC. He said the combined market cap could rise above $5 trillion this year.

Ripple CEO Brad Garlinghouse said he expects the entire value of the crypto market to double this year. https://t.co/z0HEt3Fxue

— CNBC International (@CNBCi) April 8, 2024

Also, he believes that macroeconomic factors such as the approval of spot ETFs and the upcoming Bitcoin halving will be vital. Garlinghouse noted that the ETFs are attracting real institutional money. So, as the demand increases, the supply decreases, eventually increasing the market cap value.

In addition to Garlinghouse, Gemini’s Chief Operating Officer (COO), Marshal Beard, shared a similar bullish sentiment in his evaluation of the crypto market. 

According to Beard, the price of Bitcoin will rise to $150,000 later this year. Additionally, Beard pointed out a lot of activities in the crypto market that could make it happen. 

These activities center on adoption, new regulations, the ETFs, and the upcoming Bitcoin halving and its effect on miners. However, he foresees maximum volatility before Bitcoin rallies to a new all-time high value of $150,000. 

The U.S. Securities and Exchange Commission’s January 10 approval of spot Bitcoin ETFs contributed to the recent rallies in the crypto market. With these products, institutions and retail investors with little knowledge about cryptocurrencies could invest in ETFs without direct exposure.

As of 7:52 a.m. EST, the total crypto market cap is $2.68 trillion, fast approaching the $3 trillion mark.  

With the halving yet to occur, the market will likely rally in the weeks following the halving. The rally could eventually move the value above the $5 trillion mark by the end of the year.   

Notably, Bitcoin, the apex cryptocurrency, will generate a large part of this market capitalization. Bitcoin accounts for around 49% of the crypto market cap and has a massive influence on the market. 

As such, the Bitcoin halving is scheduled for April 20 or 21 and is much anticipated by investors and miners. However, regulations are also crucial for the growth and expansion of the crypto market.

United States Crypto Regulation Vital to Market Performance

Brad Garlinghouse believes a positive regulatory framework in the U.S. is vital to the crypto market advancement. The CEO is no stranger to regulatory hurdles, as Ripple Labs has struggled under pressure from the U.S. SEC. 

The SEC alleged that Ripple Labs’ native XRP token was sold illegally in unregistered security deals. However, Ripple vehemently denied these claims, building a defense with its legal team to upturn the allegations. 

Based on his experiences, Garlinghouse believes there may be more regulatory clarity in the United States.

Interestingly, the United States remains the largest economy in the world but has a hostile regulatory framework for crypto. If a new administration becomes more supportive of cryptocurrencies and makes better policies, it will likely improve the market performance.