Top 100 Crypto
Eminent Analyst Foresees Cryptocurrency Market Surge to $10 Trillion

Cryptocurrency Market Poised for $10 Trillion Surge, Spurred by Strategic Trading Approaches

Nov 17, 2023
Read in 3 mins

Bloomberg analyst foresees massive growth in cryptocurrency market, advocates systematic strategies.

Bloomberg Intelligence analyst Jamie Coutts has predicted a significant surge in the cryptocurrency market, with the total market capitalization potentially reaching $10 trillion. Coutts shared his insights on the microblogging platform X, formerly known as Twitter, stating that he expects the proliferation of systematic and factor-based strategies in the cryptocurrency asset class.



The cryptocurrency market, currently valued at $1.4 trillion, has seen a substantial increase from $800 billion at the start of the year. This growth comes after a bear market that saw Bitcoin, the leading cryptocurrency, drop from a high of $69,000 to around $16,000. Bitcoin is now trading at $36,500, with the market showing signs of recovery.

This recovery is partly due to the anticipation of a spot Bitcoin exchange-traded fund (ETF) being listed in the United States. Major financial institutions managing a collective $27 trillion in assets have begun venturing into the world of Bitcoin and cryptocurrency, following the race to list such a fund. BlackRock, the world’s largest asset manager, was the first to apply for a spot Bitcoin ETF on June 16, sparking a domino effect as other institutions followed suit. It’s important to note that the $27 trillion figure represents the total assets under management across these institutions, with only a small fraction expected to be invested in cryptocurrencies.

Coutts also mentioned that the recent price increases in the cryptocurrency market are not solely due to the hype surrounding a potential spot Bitcoin ETF. He believes that, in the first quarter of the year, Bitcoin was sending clear signals that the nature of asset allocation was changing. In the past week, Bitcoin whales have been realizing profits after redistributing around 60,000 BTC worth approximately $2.22 billion, following a 30-day rise of about 35% for the cryptocurrency.



However, the price of BTC briefly fell below the $36,000 mark after the US Department of Labor reported that inflation pressures in the country eased last month. Core consumer prices, excluding food and energy, dropped to the lowest level in two years, casting doubt on the Federal Reserve’s plans to raise interest rates soon. The overall consumer price index for October was 3.2%, significantly lower than the 3.7% recorded in September and below the market expectation of 3.3%. Core inflation, a more stable measure of price changes, slowed to 4.0%, the weakest since 2021. The S&P 500, the stock market’s benchmark index, rose significantly in response to these numbers.

cool.svg cool_white.svg COOL!
notbad.svg notbad_white.svg NOT BAD!
notcool.svg notcool_white.svg NOT COOL!