A recent report by Forbes has highlighted how a bold $1.5 trillion market capitalization forecast for Bitcoin led to a rally that also exerted a positive influence on XRP.
According to Forbes senior contributor Billy Bambrough, Bitcoin experienced a sudden resurgence following a flash crash that briefly sent it below $40,000. XRP also crashed from $0.6266 to $0.5393 before rebounding.
Bambrough attributed the swift bounce back to growing excitement over the possibility that the U.S. SEC may soon approve a Bitcoin spot ETF. The revival coincided with a prediction by AllianceBernstein analysts that the Bitcoin market cap could reach $1.5 trillion by end of 2024.
Specifically, the analysts forecast Bitcoin’s price surging to $80,000 within 12 months. They expect the build-up of Bitcoin ETF flows to be gradual as applicants compete to lead asset accumulation. This projected snowball effect would likely extend to other cryptocurrencies like XRP.
The AllianceBernstein team predicts $5 billion in Bitcoin ETF inflows in the first half of 2024, rising to $10 billion in the second half. By 2028, they estimate 10% of Bitcoin could be held in ETFs.
While a brief selloff may follow an ETF approval, analysts cited other price supports like the 2024 halving and growing corporate demand. The bold forecasts point to ongoing momentum for Bitcoin and related cryptocurrencies like XRP.
Also Read: Grayscale Adds XRP And AVAX To Large Cap Fund, Drops MATIC
