World’s largest cryptocurrency Bitcoin, which has so far given a ray of optimism to crypto investors this year, could reach $100,000 by the end of 2024, UK banking giant Standard Chartered has predicted, mentioning that the so-called "crypto winter" is over.
Bitcoin To Jump 250% By Next Year?
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Bitcoin is currently at $27,322 (₹22.38 lakh), implying that the world’s biggest cryptocurrency would need a jump of more than 250% to hit the predicted $100,000 mark by next year. ($100,000 =₹81.92 lakh)
Its gains represent a partial recovery of the cryptocurrency after trillions of dollars were wiped off from the crypto sector in 2022’s bloodbath, as central banks hiked interest rates and multiple crypto firms went bankrupt, including FTX.
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How Bitcoin Has Performed This Year
Bitcoin had hit the vital psychological mark $30,000 earlier in April for the first time in ten months, i.e. since June 2022. Currently sitting at the $27376.60 mark, Bitcoin is up 64% this year till date, but still over 32% down if the past one year is taken into the picture, which shows how deep the damage was in 2022 during the crypto market’s bloodbath.
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As far as other cryptocurrencies are concerned, Elon Musk’s dogecoin is up 11% this year till date, Ethereum and Cardano both are up more than 50% this year till date, Binance coin (BNB) and XRP Ripple are up 33% each this year till date, and Tether is marginally down 0.97% this year till date.
Bitcoin To Hit $1.5 Million By 2030?
Earlier this year, US-based ARK Investment Management and its CEO, Cathie Wood had forecasted that Bitcoin will eventually be worth $1.48 million by 2030.Even as per the company's “bear case” scenario, Bitcoin’s value is expected to rise to a record $258,500 by 2030, and in the “base case” scenario, Bitcoin will grow to be worth $682,800.
The company and its CEO have continued to buy crypto and shares of crypto companies even during the sector’s historic downturn over the past year. Cathie Wood was exceptionally upbeat about Bitcoin’s chances, and had even predicted in 2021 that Bitcoin could hit $500,000 by 2026.
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