According to estimates of the Bitfinex crypto exchange, more and more people nowadays opt to own digital assets. As of December 1, 2023, the number of cryptocurrency holders stood at 575 million.
This trend proves that the crypto industry has been thriving despite all upheavals. Amazingly, popular tokens have been following the overall uptrend accompanied by high volatility. As digital assets are closing the year on an optimistic note, analysts are bullish about the crypto market for the year ahead.
Bitfinex reckons that the number of cryptocurrency holders around the world might balloon to 850 million or even 950 million in 2024. Earlier, the crypto firm issued a positive outlook for Bitcoin and other crypto assets. Bitfinex analysts underscore Bitcoin’s remarkable resilience in the outgoing year. The flagship crypto asserted its strength despite the collapse of several popular crypto platforms and legal proceedings launched by regulators.
More citizens of Salvador will become Bitcoin owners as the token was acknowledged as legal tender long ago. Argentina is also one of the most advanced countries in terms of crypto acceptance. Its authorities intend to approve making financial contracts in digital assets.
Domestic economies have been in dire straits in these Latin American countries. Therefore, investing in cryptocurrency as a safe-haven asset is a good solution for the population to safeguard their savings from devaluation and high inflation. Bearing in mind the history of economic instability in these countries, their citizens will use digital assets to protect their funds, Bitfinex experts say.
At present, the total market capitalization of all cryptocurrencies amounts to $1.6 trillion. On the back of growing popularity, the overall market value could zoom up to $3.2 trillion, Bitfinex predicts.
The flood of crypto users is encouraged by the highly-anticipated event of 2023/2024. The US Securities and Exchange Commission (SEC) is expected to greenlight the launch of the first in the US Bitcoin spot ETF. According to Wall Street forecasts, the new exchange instrument might be rolled out in early January 2024.
