Cryptocurrency markets have been a subject of fascination for many investors worldwide. As we approach May 2024, the forecast for the crypto market becomes instrumental in deciding what you need to do with your crypto assets, especially considering the projected doubling of the entire crypto market’s value, as suggested by Ripple CEO Brad Garlinghouse.
In this blog, we will look into the anticipated state of the crypto market for May 2024 and explore the forecasts for some of the leading cryptocurrencies. Let’s start!
Estimated State of Crypto by the End of 2024
Brad Garlinghouse highlighted several macro factors contributing to the anticipated growth of the crypto market, including the introduction of exchange-traded funds and the upcoming Bitcoin halving.
The Bitcoin halving, a technical event occurring approximately every four years, halves the total mining reward to Bitcoin miners. The last halving took place in 2020, with the next one expected later this month. The global cryptocurrency market cap as of April 9th stands at an impressive 782.56 trillion PKR.
If the market were to double, it would imply a new total crypto market cap of 1.565 quadrillion PKR. Bitcoin alone has seen a remarkable rise of over 140% in the last 12 months, reflecting the growing interest in digital assets. So, if you are looking for a trusted Neteller exchange in Pakistan, C4Changer is the perfect platform to give you access to the most profitable cryptocurrencies in the market.
Estimated State of Crypto in May 2024
Bitcoin Price Forecast for May 2024
Bitcoin BTC, the first cryptocurrency, is estimated to have quite a few price changes in May 2024, partially due to its reputation in the market but most probably due to the halving event.
Having an estimated minimum trading cost of 15,680,115 PKR and a maximum potentially reaching 25,825,607 PKR, Bitcoin’s value is expected to average around 20,752,862 PKR. This forecast presents a potential ROI of 34% as the current value of Bitcoin stands at 19,890,803 PKR.
Ethereum Price Forecast for May 2024
Ethereum ETH, known for its ability to facilitate smart contracts, is also anticipated to experience quite significant price variations in May 2024. Ethereum has a minimum trading cost of 912,411 PKR and a maximum of 1,024,373 PKR, while its value may stabilize around 968,392 PKR on average. This forecast offers a potential ROI of 8.2%, with the current value of Ethereum being 1,025,843 PKR.
XRP Price Forecast for May 2024
Ripple XRP, the native currency of the XRP ledger by Ripple, is expected to experience quite a few changes in its price during May 2024. Having a minimum trading cost of 160 PKR and a potential maximum reaching 188 PKR, XRP’s value is projected to stabilize around 174 PKR on average. This presents a potential ROI of 13.8% as the current price of XRP is 170 PKR, making it an enticing choice for Pakistani investors.
Tether Gold Price Forecast for May 2024
Tether Gold XAUt presents an intriguing investment option for cryptocurrency enthusiasts. With a minimum trading cost of 666,838 PKR and a maximum potential of 732,329 PKR, Tether Gold’s value is estimated to average around 699,306 PKR. This forecast offers a potential ROI of 13.3%, with its current price being 647,136 PKR.
Solana Price Forecast for May 2024
Solana SOL, recognized for its scalability and low transaction costs, is estimated to have significant value changes in May 2024. Crypt experts project a minimum trading cost of 27,963 PKR, with a maximum potentially reaching 171,130 PKR.
Solana’s value may stabilize around 99,548 PKR on average, indicating an enticing potential ROI of 240.3%. With its current price standing at 50,227 PKR, Solana remains a noteworthy contender for investors looking for a gateway into the crypto market.
To Wrap Up
The cryptocurrency market is expected to witness significant growth in the coming years. As we approach May 2024, investors worldwide are keeping a close eye on the market forecast, and the predictions for some of the leading cryptocurrencies are quite promising.
From Bitcoin to Solana, each digital asset has its unique potential, and investors must make an informed decision based on their investment goals. Consider dipping your toes into the profitable and prosperous world of crypto with C4Changer, the best Advcash exchange in Pakistan!
