Prepare the moon! VanEck believes the Spot Bitcoin ETF will get the green light in the first quarter. It is expected to attract more than $2.4 billion. Bitcoin is expected to reach new highs in the fourth quarter of next year, while Binance may lose the spot market title to rivals.
Major asset management company VanEck published an analysis of the digital asset market in 2024. It is expected that the US Securities and Exchange Commission will likely approve spot Bitcoin ETFs during the first quarter of 2024 and will bring in funds worth more than $2.4 billion. in the Spot Bitcoin ETF during that period.
VanEck also expects Bitcoin prices to reach all-time highs in the last quarter of 2024 due to the economic recession in the United States. And various regulatory changes after the US presidential elections
It is estimated that Binance will likely lose its position as the world’s leading spot market for trading digital assets. It is a serious competitor in the market competing with Coinbase, OKX, Bybit, and Bitget for the leadership.
Additionally, the market capitalization of stablecoins is expected to rise to a new high, exceeding $200 billion in 2024, and Circle’s USDC will return to prominence.
VanEck believes Ethereum will not be able to unseat Bitcoin by 2024, but he sees Ethereum offering higher returns than stocks in many of the largest technology companies.
“Bitcoin will lead the digital asset bull market like previous cycles, and investment capital will flow into secondary digital tokens once the halving passes.”
ETH likely won’t be able to outperform Bitcoin until the final halving is over. There is a possibility that ETH will outperform Bitcoin for the rest of the year, however, ETH will not be able to unseat Bitcoin in terms of market cap.
VanEck also analyzed that Ether’s market share will be challenged by other cryptocurrencies in the smart contract platform, such as Solana, according to VanEck, as these cryptocurrencies plan to expand the network scale, which is more obvious than Ethereum.
Currently, Ethereum is the leader in smart contracts in the digital asset industry. Its market value is $285 billion. Competitor Solana, which has a blockchain to process transactions faster, has a market capitalization of $30 billion.
source: com. cointelegraph
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