Crypto got everything it wanted in 2024
Published On Dec 26, 2024, 4:00 AM
In 2024, cryptocurrency gained significant mainstream traction, leading to a surge in investment and market appeal. Bitcoin's value skyrocketed, surpassing $100,000 and resulting in a 126% increase for investors since the year's start. Influential Wall Street figures, including Larry Fink of BlackRock, shifted from skepticism to advocating for Bitcoin as an asset class comparable to commodities like gold. The launch of multiple spot Bitcoin ETFs enabled regular investors to gain exposure to Bitcoin more easily, accumulating over $100 billion in combined assets by mid-December. Political changes also promised to bolster the crypto industry's environment, making it a potentially favorable sector for future investment.
Stock Forecasts
IBIT
Positive
With the ongoing positive sentiment toward cryptocurrencies, particularly Bitcoin, and the support from influential investors and lawmakers, the outlook for Bitcoin and related ETFs remains strong. The market’s response to political backing and the acceptance of cryptocurrencies as legitimate investment vehicles further reinforces this trend.
COIN
Positive
As BlackRock and other major financial institutions endorse Bitcoin, shares in Coinbase are predicted to benefit from increased trading activity and investor interest in crypto assets.
BITB
Neutral
While Bitcoin itself is expected to continue its upward trajectory, micro-cap cryptocurrencies could face volatility as they are often more susceptible to market fluctuations and regulatory changes. Care should be taken with such investments, leading to a cautious investment outlook for lesser-known altcoins.
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