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Is Bitcoin On Track to Make a Big Move and Hit $100,000 in 2024? Over the last 15 years, Bitcoin (CRYPTO: BTC) has already surpassed nearly every projection, estimate, and expectation. In just over a decade, the cryptocurrency has grown from just a few pennies per digital coin to more than $50,000 by 2021, taking the world by storm. With its price sitting at roughly $70,000 in June 2024, the next major landmark in sight is the coveted six-figure mark. As sensational as it might sound, history tells us that a $100,000 price tag is increasingly likely. But the real question is: When will Bitcoin make it past $100,000? Could it be in 2024? Measuring the effect of the halving Any prediction like this is inherently speculative. But a bit of speculation can be healthy and force us to evaluate an investment's long-term developments. To forecast Bitcoin's performance, it's imperative to consider the trends around the halving. The halving is a pre-programmed event that occurs approximately every four years. It reduces the reward for mining new blocks by half and forms the foundation of Bitcoin's robust monetary policy. This mechanism effectively decreases the rate at which new bitcoins are created over time, contributing to Bitcoin's scarcity and, historically, its price appreciation. Bitcoin recently underwent its fourth halving in April 2024, sending its inflation rate to just 0.85%. $BTC #btchalvingimpact
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Financial Sector and Tokenomics The financial sector remains Ethereum’s most promising domain, with 71% of total revenues generated in this area. The growing demand for Ethereum applications could positively impact its price in two ways. First, as users must purchase ETH to utilize Ethereum, all ETH holders benefit from demand-driven currency inflows. Additionally, 80% of these revenues will be used to buy back and burn circulating ETH, a mechanism that could steadily reduce supply. VanEck’s report paints a bright future for Ethereum, describing it as a "revolutionary asset," "digital oil," "programmable money," "yield-bearing commodity," and "internet reserve currency." The forecast hinges on Ethereum fulfilling its value propositions, leveraging its tokenomics, and achieving the projected 70% market penetration.
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Impact of Blockchain Applications and Market Growth The report foresees a rising demand for blockchain applications, particularly in finance, social networking, infrastructure, and artificial intelligence. VanEck estimates the total addressable market based on annual revenues at $15 trillion. Ethereum already surpasses many major Web2 brands in terms of revenue and user base, offering unique value propositions unavailable outside the cryptocurrency ecosystem. For businesses, Ethereum's blockchain presents an attractive option due to significant cost savings and a robust application ecosystem. The network effects of Ethereum’s platform far exceed those of current social networking platforms. Long-term benefits are expected as consumers and app developers migrate to Ethereum, drawn by its lower costs and higher value compared to existing solutions. VanEck also notes that Ethereum could play a crucial role in AI development, serving as a backend infrastructure for AI applications.
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$22,000: Explosive Ethereum Growth Predicted by VanEck ↑ In a new report, VanEck outlines a significant growth trajectory for Ethereum. The asset manager predicts that Ethereum's value could climb to $22,000 in the next few years, with an optimistic projection of $154,000 if all factors align favorably. The report highlights Ethereum's vast potential, driven by various developments in sectors such as Web3, artificial intelligence, and finance. VanEck emphasizes that Ethereum's increasing relevance is attracting substantial capital inflows. By 2030, Ethereum could generate a cash flow of $66 billion, contributing directly to the ETH token. This projection assumes Ethereum will continue its rapid market share growth, outpacing traditional financial market participants and even big tech companies.
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