Perhaps the record gains achieved by the cryptocurrency market, reaching up to $120,000 by the end of next year, are just the beginning of even greater gains in line with expectations. In a recent research note, Standard Chartered Bank has boosted its positive outlook for Bitcoin, expecting its target price to reach $120,000 by the end of 2024, while settling at around $50,000 by the end of the current year. According to these forecasts, Bitcoin is currently trading at about 25.4% of the expected figure, which is $120,000.
Jeff Kendrik, the Director of Digital Asset Research at Standard Chartered, stated that “increased profitability for Bitcoin miners means they can reduce their sales now while maintaining good cash flows, in addition to reducing the net Bitcoin supply, pushing cryptocurrency prices even higher.”
In April of last year, the bank predicted Bitcoin would reach $100,000 by the end of next year, but currently believes this number could rise due to increased miner profitability amid a decrease in the currency’s supply in the market. They anticipate it will reach $50,000 by the end of the current year before jumping to approximately $120,000 by 2024.
Kendrik explained that Bitcoin could benefit from factors including recent disruptions in the banking sector, the stability of risk-exposed assets when the US Federal Reserve ends its interest rate hike cycle, and improved profits from mining. He believes that “while sources of uncertainty still exist, we believe the path to $100,000 has become clearer.”
According to statistics compiled by “Independent Arabia,” the total market capitalization of cryptocurrencies has surged by 48.8% since the beginning of the year, with profits amounting to around $374 billion. This comes after the total market capitalization increased from $816 billion at the start of 2023 to approximately $1.19 trillion at the current time.
Bitcoin accounts for 72 percent of the gains
In the world of cryptocurrencies, Bitcoin has led the way in recording massive gains since the beginning of the current year. It has surged by 81.3%, gaining approximately $13,697, rising from $16,841 to around $30,538 at present. Its total market capitalization has also increased by 83%, gaining approximately $269.2 billion, as its overall value rose from $324 billion to $593.2 billion at the current time. Bitcoin holds a market share of 49.84% and has accounted for about 72% of the market’s total gains during this year’s trading.
The second-ranked cryptocurrency by market capitalization, Ethereum, has seen gains of 54.6%, with its price rising from $1,218 to $1,883, marking an increase of $665. Its total market capitalization has increased by 51.8%, gaining about $77.3 billion, as its collective value has risen from $149 billion to $226.3 billion at present. Ethereum holds a market share of 19.01% and has captured about 20.6% of the market’s total gains.
In the third position is Tezos, with its price stabilizing at $1 and its market value increasing by 25.8%, gaining approximately $17.13 billion, rising from $66.24 billion to $83.37 billion at the current time, claiming a 7% market share.
As for the fourth-largest cryptocurrency by market capitalization, Binance Coin, it has recorded a 1.7% gain, with its price increasing from $243.18 to $247.51. However, its total market capitalization has decreased by 0.7%, losing approximately $0.3 billion, as its market value has dropped from $38.8 billion to around $38.5 billion at present, holding a market share of 3.23%.
In the fifth position is USD Coin, with its price stabilizing at $1, but its total market capitalization has decreased by 38%, losing around $16.9 billion, as its market value has fallen from $44.3 billion to about $27.4 billion at the current time, holding a market share of 2.30%.
“Solana” recorded an increase of more than 117 percent
“XRP,” ranking sixth among the top 10 cryptocurrencies by market capitalization, recorded gains of 9.4%, gaining approximately $0.041. Its price increased from $0.346 to around $0.477 at present. Its total market capitalization also jumped by 44%, gaining approximately $7.66 billion, rising from $17.4 billion at the beginning of 2023 to around $25.06 billion currently, with a market share of 2.10%.
Cardano, in the seventh position, saw gains of 12.3%, with its price rising from $0.259 to around $0.291 at present.
Dogecoin, ranked eighth, experienced losses of 14%, dropping approximately $0.0106 as its price decreased from $0.0759 to around $0.0653. Its total market capitalization also decreased by 8.5%, losing about $0.85 billion as its collective value fell from $10 billion to around $9.15 billion, holding a market share of 0.76%.
Solana, positioned ninth among the top 10 cryptocurrencies by market capitalization, achieved record gains of over 94%, gaining about $10.69. Its price increased from $11.39 to around $22.08. Its total market capitalization also surged by over 117%, gaining approximately $4.8 billion, rising from $4.1 billion to around $8.9 billion, with a market share of 0.74%.
Litecoin, which holds the tenth position, recorded gains of 41.3%, gaining around $28.59. Its price rose from $69.21 to approximately $97.80. Its total market capitalization also increased by 44.2%, gaining about $2.2 billion, rising from $4.97 billion to around $7.17 billion, with a market share of 0.60%.