It has been just revealed the fact that the total market cap of Bitcoin and crypto will surge this year a lot. Check out the latest reports about this below.
Total Bitcoin and crypto market cap to explode
Arthur Hayes, the co-founder of BitMEX, has shared his optimistic outlook on the future of Bitcoin (BTC) and other digital assets.
According to Hayes, the total market cap for these assets could potentially surge by more than $1.3 trillion in the current year.
In his recent essay, Hayes further predicted that by the year 2024, the total market capitalization for all digital assets could reach or even surpass the all-time high (ATH) market cap that was achieved in 2021.
Says Hayes,
“The bull market is just beginning. 2024 will be a choppy year with regards to price action, but I still expect by year-end, we will be at or above an all-time high in the market cap of Bitcoin and the entire crypto complex.”
The current total market capitalization of digital assets is $1.764 trillion as of now.
This means the market cap needs to increase by $1.314 trillion to reach the all-time high market cap of $3.078 trillion that was attained on November 9th, 2021.
According to Hayes, the market cap is expected to surge around March when the Fed takes action to inject more liquidity into the market, leading to a rally in risk assets like Bitcoin.
He anticipates that the Fed may declare rate cuts in March and renew the Bank Term Fund Program (BTFP), which was launched last year during the banking crisis to provide liquidity to banks that struggle to fulfill withdrawal requests.
“Be not dismayed by the lackluster price performance of Bitcoin since the ETFs (exchange-traded funds) began trading last week. All around the world central bankers and governments are creating the reasons why the money printer must go brrr. Once the narrative is in place, and a sufficient crisis allows the politicians and bureaucrats to use the fear of a financial systemic collapse to frighten the public into accepting more destructive fiat debasement, money will gush out of central banks and we will enter another leg up in the crypto bull market.
While I didn’t expect this sort of price action, it wasn’t an outcome I ignored. It only reinforces my choice not to add any crypto risk to my portfolio until the middle of March once the BTFP renewal and Fed rate decisions are behind us.”
