2024 Crypto Prediction: Binance loses its spot in spot trading, Bitcoin reaches $250,000

Foreign media Blockworks has compiled several cryptocurrency predictions for 2024, including tokenization by JPMorgan funds and Twitter issuing tokens.

1. Binance Losing Dominance

Despite a surge in trading volume following FTX's bankruptcy, Binance's market share decreased by 20% in November this year due to facing a lawsuit from the SEC and ultimately settling with the U.S. Department of Justice.

Asset management firm VanEck predicts that with competitors such as OKX, Bybit, Coinbase, and Bitget closing in, Binance will lose its top spot in the spot market.

CCData: Binance's market share in cryptocurrency spot trading is only 30% now! OKX and Bybit are catching up fast

2. Coinbase Welcomes a Bull Market

Bitwise's research analyst Ryan Rasmussen predicts that Coinbase's revenue will double by 2024, surpassing Wall Street's predictions by over 10 times.

He stated:

Historically, Coinbase's trading volume surges during bull markets, and we expect the same to happen again. Additionally, they have introduced a series of attractive new products.

Coinbase's major products this year include the Base public chain and international exchange expansion.

Coinbase Launches Bitcoin and Ethereum Nano Futures Trading for U.S. Retail Customers

3. JPMorgan Fund Tokenization and On-Chain

Also from Bitwise, Ryan Rasmussen believes JPMorgan will tokenize a fund and launch it on-chain, with the efficiency shown on-chain leading to major institutions following suit, resulting in explosive growth in blockchain technology adoption.

JPMorgan's digital asset platform Onyx will test tokenized wealth management services with Avalanche

4. BONK Market Cap Reaching $10 Billion?

Beluga believes that the market cap of Solana meme coin BONK will reach $10 billion, currently valued at around $1.1 billion.

A market cap of $10 billion would place BONK near the top ten market caps, with Polkadot's DOT currently valued at $11.7 billion, ranking 11th.

Solana Surpasses $120, Dog Meme Coins BONK and WIF Gain Momentum

5. Bitcoin at $250,000

Crypto influencer "The ₿itcoin Therapist" believes that it would be very hard to imagine Bitcoin reaching $250,000 by 2024.

6. Bitcoin Spot ETF Approval Leading to Market Crash

REN Invest believes that the approval of a Bitcoin spot ETF will mark a short-term high point for the crypto market cap, followed by a sudden 30-40% decline, with the real bull market starting in Q2 and Q3.

7. Musk Issuing Twitter Coin

Co-founder of crypto investment decision-making platform LunarCrush, Joe Vezzani pointed out that as Twitter transitions to a subscription model and eliminates ads from timelines, Twitter will introduce a new coin integrated with related features.

He believes that the coin's market value will surpass the price at which Musk acquired Twitter, which was $54.20 per share, totaling around $44 billion in cash, even though Musk has previously stated that Twitter will not involve cryptocurrencies.

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