Bernstein revises its forecast for 2024.

Prominent research institution Bernstein continues to maintain a positive view on the cryptocurrency market for the year 2024, remaining unfazed by the regulatory hurdles that persist in shaping the sector. Their latest report projects an ambitious increase, predicting that the total market value of cryptocurrencies could surge to an impressive $7.5 trillion within the next 18 to 24 months. In this piece, Cryptocurrencylistings we will elaborate on the company’s outlook for cryptocurrencies.

Despite slower capital inflows into Bitcoin ETFs following the recent halving event, the firm is unwavering in its forecast that Bitcoin's price could rise dramatically to an impressive $150,000 by 2025.

Analysts Gautam Chhugani and Mahika Sapra informed their clients in a recent note that they expect Bitcoin's price trajectory to maintain its upward momentum post-halving, contingent upon stabilizing mining hash rates and revitalized ETF inflows. They also noted that ongoing structural demand for Bitcoin is likely to be driven by the adoption of spot Bitcoin ETFs in various financial advisory practices. Furthermore, they continue to project that Bitcoin will achieve its peak in this cycle at $150,000 by 2025.

Bernstein’s positive outlook is underpinned by a long-term vision for cryptocurrencies, where conventional financial institutions progressively integrate digital assets into their operations. The firm anticipates that the adoption of spot Bitcoin ETFs among wealth managers and financial platforms will significantly propel crypto adoption.

Moreover, the company recognizes that current regulatory challenges are temporary. For instance, the U.S. Securities and Exchange Commission (SEC) is expected to turn down an Ethereum ETF due to concerns related to market correlation and classification issues. Nonetheless, Bernstein remains optimistic, believing that these obstacles will be resolved in due course, paving the way for Ethereum's growth.

Bernstein is also keenly observing developments within the Ethereum staking ecosystem, particularly with leading player Lido. The firm anticipates that as the ecosystem evolves, high-beta opportunities will become apparent. This outlook is further bolstered by the impending launch of the Eigen layer, expected to catalyze growth and enhance the re-staking ecosystem.

Bernstein's analysis extends its focus beyond the two market leaders. The firm is particularly interested in Solana, with its innovative architecture providing faster transaction speeds and lower costs. This positions Solana as a formidable competitor to Ethereum. The growing role of Solana in stablecoin transactions and its connections with major payment processors like Visa and Shopify showcase its potential in the payments landscape.

Bernstein's commitment to the cryptocurrency space is further illustrated by its addition of the Ronin Blockchain to its portfolio, which serves as a critical player in the burgeoning crypto gaming sector. The promise of blockchain gaming is exemplified by Ronin, the platform behind the renowned game Axie Infinity, which boasts an impressive monthly active user base nearing 3 million.