Crypto to be Bigger than Apple and Nvidia Combined, Says Ripple CEO: Market Cap Explosion Down to Halving and ETFs

Key Takeaways

• Ripple CEO predicts the entire crypto market value could double in 2024.
• He attributes this potential surge to the launch of the first US Bitcoin ETF and the upcoming Bitcoin halving.
• Positive regulatory developments in the US are also seen as a potential booster.

Ripple’s CEO Brad Garlinghouse is forecasting a significant surge in the cryptocurrency market’s value, predicting it will exceed $5 trillion within the year.

Currently, Apple’s market cap sits at $2.65 trillion, while Nvidia’s is at $2.26 trillion.

These macroeconomic factors, he suggests, will drive the market’s value to double from its current standing.

Crypto Market to Double in 2024 Fueled by US Bitcoin ETF 

Garlinghouse attributed  this expected growth to several key factors, including the introduction of the first U.S. spot Bitcoin exchange-traded funds (ETFs) and the anticipated Bitcoin “halving” event.

He said :

“I’ve been around this industry for a long time, and I’ve seen these trends come and go. I’m very optimistic. I think the macro trends, the big picture things like the ETFs, they’re driving for the first time real institutional money.”

Garlinghouse also stated that the total market capitalization of the cryptocurrency industry is expected to double by the end of this year, influenced by a variety of macro factors.

Bitcoin Halving Event on the Horizon

On January 10, the U.S. Securities and Exchange Commission greenlit the first spot Bitcoin exchange-traded funds (ETFs), marking a significant milestone for cryptocurrency investment in the U.S. These ETFs, now trading on U.S. stock exchanges, offer both institutional and retail investors a way to invest in Bitcoin indirectly without the need to own the actual cryptocurrency.

In addition, the cryptocurrency world is anticipating the upcoming Bitcoin halving event, a crucial mechanism in Bitcoin’s protocol that occurs approximately every four years. This event reduces the reward for mining new Bitcoin blocks by half, effectively limiting the supply of new Bitcoins entering the market.

The purpose is to control inflation and prolong the distribution of new tokens. The last halving occurred in 2020, with the next expected to happen later this month, spotlighting the built-in scarcity feature of bitcoin and its impact on the market.

As of April 4, the total market capitalization of the cryptocurrency sector stood at approximately $2.6 trillion. Doubling this figure would suggest a projected market cap of around $5.2 trillion.

Bitcoin has seen a significant surge, increasing over 140% in the past year alone. It reached a peak above $73,000 on March 13, as per CoinGecko’s data, although it has since retreated below the $70,000 mark.

About the Author

Teuta Franjkovic

Teuta is a seasoned writer and editor with more than 15 years of experience. She has expertise in covering macroeconomics and technology as well as the cryptocurrency and blockchain industries. She has worked for several publications as a journalist and editor, including Forbes, Bloomberg, CoinTelegraph, Coin Rivet, CoinSpeaker, VRWorld and Arcane Bear. Teuta began her professional career in 2005, working as a lifestyle writer at Cosmopolitan in Croatia. From there, she branched out to several other publications, covering mainly business and the economy. She then turned her attention to the world of cryptocurrency and blockchain, believing that crypto is among the most important inventions in the history of humanity. Her involvement in fintech began in 2014 and she has since lent her expertise in writing, editing and gathering information about the world of crypto, blockchain, NFTs and Web3. An all-round news hound, mentor, editor, and writer, Teuta enjoys teamwork and good communication. She holds a WSET2 diploma and has a thing for chablis, punkrock music and shoes. She also holds a double MA in Political science and Entrepreneurship.

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