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Crypto Investment Giant VanEck Bullish on Bitcoin for 2024, Price Target Set at $100K

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  • VanEck predicts a significant surge in Bitcoin’s value by 2024, setting a price target of $100,000.
  • The firm anticipates heightened NFT activity, with Ethereum leading and Bitcoin gaining ground via the Ordinals protocol.

In the dynamic world of cryptocurrencies, VanEck, a prominent asset manager, projects a bullish scenario for Bitcoin in 2024. The company’s optimism stems from its Digital Transformation ETF (DAPP) surpassing $100 million in assets under management, a milestone reflecting the growing interest in crypto-linked assets. VanEck’s overall crypto holdings are approaching the $1 billion mark, solidifying its stance in the digital asset domain.

Crypto Market Trends for 2024

According to Matthew Sigel, Head of Digital Assets Research at VanEck, the impressive 300% gain in DAPP during 2023 is just a precursor to what 2024 holds. Key factors such as Bitcoin’s halving event, a potentially lenient approach by the U.S. Federal Reserve, and increasing crypto adoption in emerging markets are expected to fuel this growth.

Furthermore, Coinbase, a significant player in DAPP, is gaining sustainable market share, with policies like a 10x leverage cap on perpetual futures to boost market stability.

A tweet from VanEck encapsulates the firm’s sixth prediction for 2024: “NFT activity will rebound to an all-time high with Ethereum leading and Bitcoin gaining traction via the Ordinals protocol, shifting the ETH-to-BTC NFT issuance ratio to 3-1 by the end of 2024.

Bitcoin – The Star of the Market

VanEck CEO Jan van Eck labels crypto as the most thrilling segment in the investment market. With a long history of involvement in Bitcoin-related ETFs, VanEck forecasts a breakout year for both Bitcoin and the broader crypto market in 2024. The introduction of a spot ETF in the U.S. is anticipated to be a key driver of this surge.

Despite potential disruptions from the upcoming halving event in April, VanEck remains confident about Bitcoin reaching new heights, especially in the wake of the 2024 U.S. presidential election and anticipated regulatory changes.

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AnnJoy Makena
AnnJoy Makenahttps://www.ethnews.com
Annjoy Makena is an accomplished and passionate writer who specializes in the fascinating world of cryptocurrencies. With a profound understanding of blockchain technology and its implications, she is dedicated to demystifying complex concepts and delivering valuable insights to her readers. Business Email: info@ethnews.com Phone: +49 160 92211628