Nickel: Altcoins become attractive as digital asset optimism surges

Nickel: Altcoins become attractive as digital asset optimism surges

February 20, 2024

Bitcoin
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Confidence in the continuing strength of Bitcoin and Ethereum is driving wider interest in altcoins and other digital assets, new global research  by London-based Nickel Digital Asset Management (Nickel), Europe’s leading regulated and award-winning, regulated digital assets hedge fund manager shows.

Up to 83% of institutional investors and wealth managers believe the recent strong performance of the two leading cryptocurrencies will fuel demand for other digital assets, the study with investors in the US, UK, Germany, Switzerland, Singapore, Brazil and the United Arab Emirates who collectively manage around $815 billion in assets found.

Nearly three out of four (72%) are confident Bitcoin will breach the $100,000 barrier while 25% are not convinced it will. Among those confident about Bitcoin hitting $100,000 around half (50%) are convinced the landmark will be achieved within five years.

The survey, completed in January 2024, asked institutional investors and wealth managers to predict prices for Bitcoin and Ethereum by the end of 2024. Around 76% predicted Bitcoin would reach $45,000 by the end of the year – it is currently already over $51,000. That included just 21% who predicted it would hit $50,000 or more. Around 40% predicted Ethereum would reach $2,500 by the end of the year – it is currently over $2,700.

Thus, the upper end of the 2024 full-year forecasts have already come true.

The same applied to predictions about the global crypto market with 60% of respondents forecasting the marketcap will reach $1.4 trillion the end of the year. It has already exceeded this level and  currently stands at just under $2 trillion.

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