News

Bitfinex Expects A 100% Jump In Overall Crypto Market Cap In 2024

Bitfinex also stated that the spot Bitcoin ETF approval will drive institutional interest in crypto. It predicts good times for altcoins in 2024.
Published by
Bitfinex Expects A 100% Jump In Overall Crypto Market Cap In 2024

Bitcoin (BTC) registered a 160% rally this year in 2023 while the broader crypto market rallied by 100% adding $800 billion to crypto investors’ wealth in 2023. Bitfinex expects the crypto market rally to continue going ahead while predicting another 100% gain next year in 2024.

Bitfinex Expects Crypto Market Cap to Hit $3.2 Trillion

Bitfinex, a prominent cryptocurrency exchange, expresses a positive outlook on Bitcoin and the broader crypto asset market as we enter 2024. Despite facing reputational and regulatory challenges throughout 2023, Bitcoin has demonstrated remarkable resilience. The exchange acknowledges the likelihood of occasional pullbacks, a common occurrence in historical market behavior.

With the current total market capitalization of the crypto market standing at around $1.6 trillion, Bitfinex speculates that the total market cap could potentially reach $3.2 trillion, with asset values fluctuating within this range. The assessment considers various metrics and sentiment indicators, drawing parallels with similar points in previous market cycles.

Bitfinex’s analysis includes a forecast for an extended visit to the “extreme greed” sentiment area in the crypto fear and greed index during 2024. This heightened sentiment aligns with expectations of new highs for Bitcoin in the midst of a bullish market cycle.

Institutional Investors to Favour Bitcoin

In a recent statement, Bitfinex delves into the evolving landscape of institutional investment in crypto assets, emphasizing the potential impact of the eagerly anticipated spot Bitcoin ETF. The exchange anticipates a potential capital shift into higher-risk crypto assets in the coming year as institutional investors seek diversified exposure.

Despite this, Bitfinex predicts that institutional investment will predominantly favor Bitcoin, especially in the first half of 2024. To gauge the short-term market dynamics, the exchange employs the Market Value to Realized Value (MVRV) metric. Current valuations, according to Bitfinex, draw parallels to historical periods such as June 2019 and July 2016, where initial price dips were followed by sustained recoveries.

The analysis suggests an expected pullback post the $44,000-$45,000 zone, anticipating prices to either consolidate at these levels or experience a pullback rather than an immediate upward surge.

Bitfinex also underscores the significance of monitoring Bitcoin miner activity, particularly in 2024, a halving year. With miners deriving profitability from Bitcoin sales, the impending halving poses challenges as miners face a reduction in earned Bitcoin. Efficient and profitable operations become crucial for miners in this context.

Additionally, the exchange expects exchange inflows from miners to remain subdued for the majority of the year, despite potential spikes in the next two months due to equipment upgrades. As Bitcoin prices climb, Bitfinex notes a limited incentive for miners to sell their holdings.

Crypto exchange Bitfinex has been a strong player in the crypto industry. Recently, the exchange also announced a $150 million share buyback for all of its hack victims.

Advertisement

Share
Bhushan Akolkar

Bhushan is a seasoned crypto writer with over eight years of experience spanning more than 10,000 contributions across multiple platforms like CoinGape, CoinSpeaker, Bitcoinist, Crypto News Flash, and others. Being a Fintech enthusiast, he loves reporting across Crypto, Blockchain, DeFi, Global Macros with a keen understanding in financial markets. 

He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills. Bhushan has a bachelors degree in electronics engineering, however, his interest in finance and economics drives him to crypto and blockchain.

Published by
Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

Recent Posts

  • News

Standard Chartered Predicts Bitcoin Could Drop Below $100K Amid U.S.–China Trade Tensions

Standard Chartered analyst Geoff Kendrick has predicted that the Bitcoin price could suffer a significant…

October 22, 2025
  • News

Rising Demand for Verifiable Crypto Ownership Drives Launch of Trezor Safe 7

Crypto ownership is a topic that has been discussed across major forums globally in the…

October 22, 2025
  • News

Robinhood Lists Binance Coin as BNB Outperforms BTC, ETH, SOL YTD By Over 30%

Crypto exchange Robinhood has listed the Binance coin for spot trading for its U.S. customers.…

October 22, 2025
  • News

Bitget Partners With Google Developer Group On Hackathon To Support AI Innovation

Bitget, a leading crypto exchange in the world, has joined forces with Google Developer Group…

October 22, 2025
  • News

Can Cardano Save Kadena? Hoskinson Reaches Out After KDA Token Plunges 60% Amid Shutdown

Kadena has announced it was shutting down operations, sending its KDA price into a freefall.…

October 22, 2025
  • News

Analyst Turn Bullish with $400 SOL Target as Hong Kong Approves First-Ever Solana ETF in Asia

Hong Kong has officially approved the region’s first-ever Solana ETF in Asia. This comes as…

October 22, 2025