$1.5 Trillion ETF Predicts ‘Snowball Effect’ on XRP: Forbes

Forbes argued that expectations of a $1.5 trillion Bitcoin market led to a rally that had a positive impact on XRP.

at recent days a report, Forbes senior contributor Billy Bambrough highlighted Bitcoin’s surprising comeback after its flash crash. Remember, Bitcoin had a huge and sudden drop three days agoIt fell to the level of only $500 above $40,000.

Likewise, XRP crashed from $0.6266 to $0.5393. Meanwhile, Bitcoin has since rebounded to over $44,000, with XRP also approaching the $0.6 threshold.

The renaissance is attributed to Bitcoin’s $1.5 trillion forecast

Bambrough attributed this rapid recovery to growing excitement surrounding the possibility of the US Securities and Exchange Commission approving a Bitcoin exchange-traded fund.

Moreover, the Forbes senior contributor said that the sudden rise in Bitcoin value coincided with a bold Bitcoin price prediction from analysts at AllianceBernstein. Experts predict a potential rise that could push Bitcoin’s market value to $1.5 trillion by the end of 2024.

Specifically, AllianceBernstein analyst Mahika Sapra and researcher Gautam Chugani expect 2024 to be a year for a major breakthrough. They expect the price of Bitcoin to rise to $80,000 within the next 12 months.

The Domino Effect of Bitcoin ETF

Furthermore, AllianceBernstein analysts point out that the buildup of Bitcoin ETF inflows may be gradual. They expect applicants to compete hard to take the lead in the important asset accumulation game.

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A Forbes report confirmed the expected domino effect in the cryptocurrency market due to the demand for Bitcoin ETFs. The snowball effect expected after this scenario will likely extend to other cryptocurrencies, such as XRP, boosting their values.

Furthermore, AllianceBernstein analyst clarified their expectations. They stated that if approved, Bitcoin ETFs would see nearly $5 billion in inflows during the first half of 2024.

They expect about $10 billion in the second half. Furthermore, experts have predicted that by 2028, about 10% of Bitcoin could be held within ETFs.

Meanwhile, analysts highlighted the possibility of a “fairly shallow short sell-off” in the short term following approval.

YThey pointed to additional factors supporting the price of Bitcoin. These factors include the impending April 2024 halving and growing demand from companies following MicroStrategy’s example.