Ripple's CEO Brad Garlinghouse provided insight into the robust growth of the cryptocurrency industry during a fireside chat with CNBC's Dan Murphy on Thursday. Despite facing significant challenges, the market has seen an increase of 20 to 30% this year, reaching a valuation of $1.3 to $1.4 trillion.
Bitcoin, the largest cryptocurrency by market cap, has managed to rally past its pre-Terra crash levels to about $38,000, marking an 18-month recovery period. This recovery indicates the market's capacity to overcome past traumas. Bloomberg analysts have predicted a 90% chance for a spot Bitcoin ETF (TSX:EBIT) to be approved by January 10, 2024.
Ethereum also reached significant milestones, hitting the $2,000 mark due to BlackRock (NYSE:BLK)'s ETF filing. This event has helped reinforce bullish sentiment across the market. Other cryptocurrencies such as BNB, XRP, and Solana have also registered substantial gains.
During DC Fintech Week, Garlinghouse acknowledged XRP's surge but admitted he does not possess a "magical window" for predicting crypto price movements. The CEO's comments underscore the unpredictable nature of the cryptocurrency market despite its recent successes.
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