Analysts: We expect 2024 to be a turning point for Bitcoin

CoinShares published a forecast for the development of the cryptocurrency industry this year. According to experts, community members should expect the emergence of a new stablecoin based on Bitcoin, which may turn out to be a worthy competitor to other “stable coins.”

“2024 is set to be a landmark year for digital assets, with the recent launch of spot-based Bitcoin ETFs in the US, potentially raising Bitcoin prices to approximately US$60,000,” the analysts explained.

Experts pointed out that the BTC network has existed longer than others and provides reliable guarantees. CoinShares believes that Bitcoin has already proven its high stability. And this can become the foundation for launching a new product.

Although BTC-based “stable \coins” have been created before, analysts believe that the new asset will be more convenient and accessible to most crypto enthusiasts this year.

According to Trust Machines, projects such as Stacks, RSK and Liquid Network have already launched stablecoins based on Bitcoin. bitSmiley Labs, with the support of the venture capital arm of the OKX crypto platform, also plans to release its own “stablecoin” in the near future.

Analysts assumed a likely increase in the rate of the main digital currency to $60,000 amid the launch of spot BTC-ETFs. Experts also hope for an influx of investment in Ethereum if a spot ETH-ETF is launched in the second half of 2024.

In addition, analysts expect some changes in the regulation of the cryptocurrency industry. The point is that even more states will provide their recommendations on the management of stablecoins.