Ripple CEO Brad Garlinghouse expressed optimism for the crypto market’s future. He predicts that the total market capitalization could reach a staggering $5 trillion by the end of 2024.

In a recent CNBC interview, he pointed to several factors that fuel his bullish predictions, including significant macroeconomic factors and regulatory momentum.

Will US Regulation Spark Crypto Market Boom?
Central to his forecast is the introduction of the first spot US-based Bitcoin exchange-traded funds (ETFs) and the Bitcoin halving event this year.

Bitcoin halving is a built-in mechanism that reduces mining rewards by half every four years. The next halving reduces rewards from 6.25 Bitcoin (BTC) to 3.125 BTC. Historically, Bitcoin halving links to price surges. Following the last halving in May 2020, Bitcoin’s price substantially increased from $8,590 to $69,600 at the time of writing.

Additionally, since the 2020 halving, the total crypto market cap has grown over 1,040%, soaring to $2.72 trillion by April 8, 2024, in the Asian market time, according to data from CoinGecko.

Read more: What Is Bitcoin Halving?

Total Crypto Market Cap Performance from May 2020 to April 2024. Source: CoinGecko
Furthermore, Garlinghouse emphasized that positive regulatory developments in the United States could bolster the crypto market.