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- 1Confirmation predicts Ethereum will surpass Bitcoin’s market cap by 2029.
- The agency additionally argued the Prediction markets might see 100x development, pushed by political occasions.
- DeFi and NFTs are poised for resurgence by SocialFi and app chains.
Cryptocurrency is about to see a serious shift within the subsequent 5 years, with Ethereum projected to surpass Bitcoin’s market cap by 2029, in keeping with 1Confirmation, a number one enterprise capital agency. This daring prediction comes as latest approvals of Bitcoin and Ethereum spot ETFs sign rising Wall Road acceptance.
Based on a Q2 2024 letter LP shared on X by Nick Tomaino, Bitcoin ETFs at present boast over $788 billion in belongings underneath administration, whereas Ethereum ETFs maintain $88 billion. Company contributions to pro-crypto political campaigns have additionally surged to $119 million, regardless of pushback from the Biden administration.
1Confirmation predicts that Ethereum’s market cap, at present round $321 billion, will surpass Bitcoin’s $1.2 trillion by 2029. The agency argues that Ethereum’s utility in decentralized purposes and finance offers it a serious benefit over Bitcoin’s “digital gold” narrative. Ethereum’s function in constructing a decentralized web has additionally attracted notable consideration from Wall Road.
Nevertheless, 1Confirmation notes that latest client developments in crypto, equivalent to meme cash and NFTs, have did not deliver important innovation, relying as an alternative on recycled concepts. The agency emphasizes the necessity for brand spanking new, genuine merchandise that can interact the viewers and drive the subsequent wave of adoption.
Prediction markets are one other space 1Confirmation sees taking off in 2024, particularly across the U.S. presidential election and different main world occasions. These markets have grown considerably in worth, reaching over $1.1 billion this yr, and will see 100x development within the coming years.
Stablecoins on Ethereum play a key function in enabling these markets, that are gaining traction the place official narratives and public opinion diverge.
Along with prediction markets, 1Confirmation anticipates a resurgence in DeFi and NFTs due to the event in SocialFi and app chains.
The agency believes that new non-custodial merchandise will encourage customers to interact with decentralized finance with out the necessity for intermediaries. Advances in L2 and L3 app chains will additional improve scalability and person expertise, permitting DeFi to proceed to develop.
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