Experts say 2024 is expected to be a bearish year for Binance, while bullish for Coinbase and Ethereum
In recent years, there has been a rise in the popularity of cryptocurrency. Although it is generally deemed a volatile investment market, many show interest in purchasing crypto due to higher rates of return. Heading towards a new year, investors are actively seeking opportunities to enhance their portfolios and earn greater returns on investment. Ahead of 2024, experts have already shared their predictions about cryptocurrency. Here’s what they are saying:
Binance to lose its No.1 position for spot trading
Following the collapse of Sam Bankman-Fried’s FTX in November last year, Binance saw a boost in its trading value. However, according to New York-based investment management company VanEck, 2024 is expected to be a bearish year for Binance.
According to their X, formerly Twitter post, “Binance will lose the #1 position for spot trading, with competitors like OKX, Bybit, Coinbase, and Bitget contending for leadership. Coinbase’s futures market may exceed $1 billion daily volume as regulated index inclusion becomes key.”
Surge in Ethereum revenue
Ethereum still remains one of the most popular crypto choices for investors. According to the 2024 crypto predictions by Bitwise on X, Ethereum will rake in more than 2.5 times its current revenue. According to the post shared by Ryan Rasmussen on the platform, “Ethereum revenue will more than 2x to $5b as users flock to crypto applications. In 2023, users will pay ~$2.3b in fees to use Ethereum. We think that will at least 2x in 2024, making Ethereum one of the fastest-growing large-scale tech platforms in the world.”
Coinbase to double in revenue
Coinbase is an American publicly traded company that operates a cryptocurrency exchange platform. It is the largest cryptocurrency exchange in the United States in terms of trading volume. Experts believe that its revenue will nearly double in numbers.
According to Ryan Rasmussen, “Coinbase’s revenue will double, beating Wall Street expectations by at least 10x. Historically, Coinbase’s trading volumes surge in bull markets, and we expect the same to happen again. Plus, they’ve launched a wide range of new products that are showing traction.”
Bitcoin may value a quarter of a million dollars
To date, Bitcoin reigns as one of the most popular and hefty cryptos. In 2024, its value is expected to reach a quarter of a million dollars, according to experts. Venture capitalist Tim Draper said in an interview with Coin Bureau, “I would say that my number $250,000 will probably come pretty soon, so I’ll stick with $250,000 … I actually think that if it hits $250,000, it’ll go way past it.”
Another expert on X, formerly Twitter, claimed the same. The Bitcoin Therapist’s tweet reads, “With everything on the table coming in 2024, it’s hard to imagine Bitcoin under $250,000. Everyone in this space knows that this is the greatest opportunity of a lifetime. For everyone else, they’ll get Bitcoin at the price they deserve.”