- Bitfinex predicts a booming crypto year in 2024, with a potential market valuation as high as $3.2 trillion.
- However, Bitfinex highlighted that the trajectory toward the multi-trillion dollar valuation is not straight.
- Bitcoin is expected to lead the charge, driven by a shift in sentiment from fear to greed and the influx of institutional investors.
Bitfinex has published a new forecast, arguing that the overall crypto market could clock a $3.2 trillion valuation next year. A significant factor contributing to this projection was the shifting sentiment about the future of Bitcoin.
Bitfinex analyzed various metrics and indicators, noting that assessing their performance at comparable stages in the crypto market cycle proves insightful. It discovered that public sentiment towards crypto has moved from extreme fear to greed. The trading platform argued a significant likelihood of an extended period in the “extreme greed” sentiment into 2024.
Also, Bitfinex mentioned that the bullish sentiment is expected to coincide with the emergence of new highs for Bitcoin. Bitcoin currently trades at $42,700, a 38.2% decline from the peak of $68,789.63.
Moreover, t…
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