- The aggregate valuation of the entire crypto market amounts to over $2.4 trillion, with Bitcoin contributing roughly 55%.
- There are over 420 million crypto users, and over half are clinging to Bitcoin.
Bitcoin has gradually gained acceptance from institutional investors, corporations, and governments. This broader acceptance has played a pivotal role in driving its user base to new heights. According to BanklessTimes.com, the total number of Bitcoin users will reach 500 Million by October 2024.
BanklessTimes financial analyst Elizabeth Kerr comments:
BanklessTimes Financial Analyst Elizabeth KerrThe projected ascent highlights the growing adoption of crypto and Bitcoin’s hold over the global stage. It also echoes the post-halving surge widely anticipated by crypto analysts and investors.
How is Bitcoin Fairing in Today’s Market?
As of 2021, nearly 89% of American adults had some familiarity with Bitcoin. Since then, the number of Bitcoin users has steadily risen, surpassing 219 Million. The number of Bitcoin wallets has also surged, exceeding 460 Million, among which around 46 million contained a value of at least $1 as of March 2024.
The projected user rise will amplify 2024’s marquee moments for Bitcoin, with significant achievements in just a few months. The average number of Bitcoin daily transactions starkly rose between January 29th and March 18th, 2024, averaging 378,000.
During this period, daily transactions peaked at around 575,000 on January 29th and dropped to a low of nearly 278,000 on February 6th. Crypto enthusiasts were looking at the highest Bitcoin price in March 2024, about $73700, before averaging roughly $63,000 in April.
The price surge in March is said to be just the beginning for Bitcoin. Notably, some analysts predict an astounding price soar to up to $1.48 Million by 2030.
Why has Bitcoin’s Influence Grown Astonishingly in 2024?
Approving 11 ETF applications in the US propelled Bitcoin’s price to unprecedented levels, surpassing over $70,000. These newly launched Bitcoin ETFs have since attracted some of the most substantial investment inflows ever observed. Besides, the halving event in April sparked unbelievable fervor, drawing significant attention to Bitcoin. The post-halving surge predictions seemingly fuel optimism among major investors and non-crypto users.
Bitcoin is now a compelling place for major investors to park capital. Its reputation as a hedge against inflation is riding high, accentuated by the rising scarcity of the recent halving event.
