South Korean cryptocurrency market analysts estimate the value of the global cryptocurrency market will reach $5 trillion by 2024 if global adoption continues.
According to Hanguk Kyungjae, this claim was made in a report published by the Corbett Research Center, part of the Corbett cryptocurrency exchange group.
The center's director, Jeong Seok Moon, estimates "the total market value [of the crypto asset market] will reach between $4.5 trillion and a maximum of $5 trillion next year."
Jeong stated that market capitalization had reached $1.6 trillion as of December 11, 2023.
He stated that major improvements would occur after a "triple dose of good news":
- The US Federal Reserve is increasingly willing to lower interest rates
- Ability to obtain regulatory approval for cryptocurrency ETFs
- Bitcoin (BTC) Next Halving (Expected April 2024)
Jeong claims that these three events "will have a positive impact on investment sentiment in crypto assets." Manager said:
“The market has recovered this year and the upward trend is expected to continue next year as well. I believe this will increase the general public's interest in the crypto asset market.”
Another Korbit researcher stated that 2024 will be the year of tokenization where the global real assets (RWA) sector will take off.
RWAs are labeled “tangible” assets, and the term is commonly used for real estate deeds, government bonds, loans, and more.
Another Korbit analyst claims that 2024 will see further progress in “institutionalizing” the cryptocurrency market.
The same analyst stated that this is a positive step for the market that will allow the industry to "reorganize" and "separate the wheat from the chaff."
The ongoing bear market and slow year in 2023 are taking a toll on the South Korean cryptocurrency exchange market.
Despite strong cryptocurrency activity in recent weeks, transaction volumes have decreased in 2023. The competitiveness of exchanges has also decreased.
In June, Upbit's major exchange market share exceeded more than 90%.
This factor led Korbit and other subsequent exchanges to permanently eliminate commission fees, their main source of income.