Crypto News – A CNBC story on Sunday quoted Ripple CEO Brad Garlinghouse as saying that the total market valuation of cryptocurrencies will probably quadruple by the end of 2024. Approximately $2.69 trillion is the current value of the worldwide cryptocurrency market, according to CoinMarketCap data.
According to Ripple CEO Garlinghouse, the Crypto Market Cap Will Top $5 Trillion Before the End of the Year
As for the macroeconomic trends in cryptocurrency, Garlinghouse told CNBC he is quite excited about the rise of the spot bitcoin ETF, which he claimed has finally resulted in real institutional investments in the space. Another major element that might push the value of the entire cryptocurrency market above $5 trillion is the halving of Bitcoin, which is scheduled for later this month, according to Garlinghouse. The mining earnings for bitcoin miners are halved at roughly every four-year halving event.
Regulatory Clarity is Expected to Increase in the US
The CEO of Ripple also stated that he anticipates increased regulatory clarity in the United States following the election this year and the inauguration of the new administration. The long-running legal dispute between the U.S. Securities and Exchange Commission and Ripple Labs is an example of the agency’s harsh and restrictive views on the cryptocurrency field.
In the meantime, Ripple just declared that it is entering the stablecoin industry, which is dominated by USDT and USDC. Its intended stablecoin pegged to the US dollar is anticipated to be released on Ethereum and the XRP Ledger. According to David Schwartz, chief technical officer of Ripple, the company’s endeavor intends to increase institutional adoption of the stablecoin at the corporate level, and its regulatory compliance knowledge will offer its stablecoin a competitive advantage.
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