After significant developments surrounding a spot Bitcoin ETF by various asset management firms, a prominent player, VanEck, recently unveiled its forecast for 15 cryptocurrencies in 2024. According to a recent blog by VanEck, the firm predicts that over USD 2.4 billion will flow into Bitcoin in the coming year.
Will Binance lose its No. 1 position?
Apart from the massive inflow into Bitcoin (BTC), the firm also expects a shift in the position of the world’s largest cryptocurrency exchange. Binance is expected to lose its No.1 spot, with contenders such as OKX, Bybit, Coinbase, and Bitget vying for the coveted position.
VanEck has not only made this prediction; they have also shared several other money-making ideas in the realm of cryptocurrency.
VanEck’s predictions go beyond these market dynamics. On December 7, 2023, one major prediction was a spot Bitcoin ETF in the first quarter of 2024, although recent developments suggest the approval might occur in the first and second weeks of January. Another significant prediction revolves around a potential new all-time high for Bitcoin in 2024. According to VanEck’s blog post:
“In the second half of 2024, Bitcoin will scale a Presidential-sized wall of worry. The percentage of the global population participating in legislative and presidential elections is expected to reach an all-time high, surpassing 45% in 2024. This heightened engagement in crucial elections signals increased volatility and the potential for significant changes.”
Monthly NFT trading volume surge, says VanEck
The firm also anticipates a surge in monthly NFT trading volume, setting new records as more individuals enter the realm of crypto speculation. The focus is likely to be on popular NFT collections on Ethereum, enhanced crypto games, and new offerings linked to Bitcoin.
Ethereum outperforms mega-cap tech stock
Furthermore, the asset manager believes that in 2024, while Ethereum won’t surpass Bitcoin, it will outperform every mega-cap tech stock. Despite a robust performance, ETH might concede its market cap to other smart contract platforms like Solana (SOL).
