South Korean crypto market analysts assume the worldwide crypto market cap might hit the $5 trillion mark in 2024 as world adoption continues.
Per Hanguk Kyungjae, the claims have been made in a report revealed by the Korbit Analysis Middle, a part of the Korbit crypto alternate group.
The middle’s director Jeong Seok-moon predicted that “the overall market capitalization of [the cryptoasset market] subsequent yr will vary from $4.5 trillion to a most of $5 trillion.”
Jeong said that the market cap stood at $1.6 trillion as of December 11, 2023.
He claimed the huge rise would come after a “triple dose of fine information,” particularly:
- The US Federal Reserve’s growing willingness to chop rates of interest
- The potential for regulatory approval for crypto spot ETFs
- The forthcoming Bitcoin (BTC) halving event (anticipated to happen in April 2024)
Jeong claimed that these three occasions would “have a optimistic impact on cryptoasset funding sentiment.” The director mentioned:
“The market has rebounded this yr and the upward development is anticipated to broaden into subsequent yr. I feel this can additional improve most people’s curiosity within the cryptoasset market.”
Large Yr Forward for Crypto, Say South Korean Researchers
One other Korbit researcher claimed that 2024 can be the yr of tokenization, because the Actual World Property (RWA) sector will get into gear.
RWA are tokenized “tangible” belongings, and the time period is often used to consult with tokenized actual property, treasury bonds, loans, and extra.
One other Korbit analyst claimed that 2024 would see extra progress made within the “institutionalization” of the crypto market.
The identical analyst claimed this could be a optimistic step for the market, permitting the trade to “reorganize” and “type the wheat from the chaff.”
🇰🇷 South Korea to Prioritize Innovation in Subsequent Section of Crypto Rules
South Korea’s authorities have expressed a dedication to steadiness investor safety with fostering technological innovation within the subsequent part of crypto rules.#CryptoNewshttps://t.co/dTNCUZbzR5
— Cryptonews.com (@cryptonews) December 14, 2023
The extended bear market and a sluggish 2023 have taken a heavy toll on South Korea’s crypto alternate market.
Regardless of a flurry of crypto exercise in latest weeks, transaction volumes have fallen in 2023. Trade competitiveness has additionally shrunk.
In June, the market-leading alternate Upbit’s market share stood at over 90%.
This issue led Korbit and different chasing-pack exchanges to indefinitely do away with commission fees, their primary supply of earnings.