According to Forbes ‘ senior contributor, the crypto market, led by Bitcoin, Ethereum, and XRP, is on the brink of a monumental shift, signaling a $3 trillion watershed moment. This surge might stir up some chaos in the market, particularly for XRP.
A huge Moment is Coming!
Forbes Senior Contributor Billy Bambrough points to a significant event on the horizon, often called a ‘Watershed Moment,’ that could set off an impressive 300% surge in the crypto market. This surge will impact significant cryptocurrencies, including Bitcoin, Ethereum, and XRP.
Bambrough highlights Bitcoin’s rally above $35k as the trigger for a broader surge in digital assets like XRP, adding a substantial $300 billion to the overall market valuation. Interestingly, top analysts believe this influx into the crypto market hasn’t peaked yet.
As revealed by Bambrough, expert projections foresee a potential price explosion for Bitcoin, with estimates reaching $150k by 2025, potentially catapulting the market cap to $3 trillion. This optimistic outlook is driven by the anticipation of a flood of Bitcoin spot exchange-traded funds (ETFs) entering the market.
Additionally, Bambrough cites Gautam Chhugani, a Bernstein analyst, who sees the imminent SEC approval for ETFs as a potential “watershed moment” for crypto, possibly occurring by late 2023 or early 2024.
BTC to Hit $60K By Year End
Markus Thielen, a senior strategic researcher at Matrixport, adds to the positive sentiment, predicting that the ongoing Bitcoin rally could approach $60k before the year concludes. However, Bambrough also cautions about the upcoming Bitcoin halving event in April 2024, which could pose challenges for medium-scale Bitcoin miners.
In parallel, Thielen suggests that post-halving, the spot demand for Bitcoin via ETFs could outpace miner selling, projecting that by 2028, Bitcoin ETFs might represent 9-10% of the spot Bitcoin in circulation.
What About the XRP Price?
Acknowledging the potential $3 trillion projection for the Bitcoin market, Forbes sees far-reaching implications for XRP. If Bitcoin achieves a 324% growth to $150k, XRP is expected to follow a similar trajectory, potentially reaching $2.1999.
Notably, some market analysts project an even more bullish outlook for XRP, foreseeing the digital asset reaching double digits in the coming years. Meanwhile, Forbes thinks XRP is gearing up for something big.
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- Source: https://coinpedia.org/price-analysis/cryptocurrency-market-anticipates-3-trillion-milestone-amidst-bitcoin-surge/
