Cryptocurrency forecast: Bitcoin could double in value by the end of the year.

Bitcoin has risen by 120% in 2024 and further growth is expected

In 2024, Bitcoin rose by more than 120% due to the approval of U.S. market regulators for exchange-traded funds linked to its spot price, and optimism regarding the easing of regulatory restrictions following Donald Trump's return to the White House. Analysts expect this cryptocurrency to continue to grow.

According to Reuters, last month Bitcoin fell by 3.2% after American investors began converting their profits from cryptocurrency into cash. Although just in mid-December, the growth triggered by Trump's victory pushed Bitcoin to a historical high of $108,315. According to Bloomberg, since December 19, there has been a net outflow of about $1.8 billion from a dozen Bitcoin exchange-traded funds in the U.S., as reported by Ukrinform.

On Wednesday, the price of Bitcoin decreased by 0.20%, trading at $93,518 in Singapore. Smaller coins like Ethereum and Dogecoin also tried to gain ground.

Despite this, Bitcoin overall grew by 120% in 2024, outpacing gold and global stocks. According to CoinGecko, the increase of over 120% in Bitcoin and nearly 50% jump in Ethereum, the second-largest cryptocurrency, contributed to the sector's market value rising to approximately $3.5 trillion.

For 2025, even more growth is expected, with analysts from the brokerage firm Bernstein predicting that Bitcoin will reach a peak of $200,000 by the end of 2025. They added that the cryptocurrency 'will become the main asset of a new era, which will replace gold over the next decade and become a permanent part of multi-asset institutional allocation and the standard for corporate treasury management.'

A significant part of the optimism began in January when the U.S. Securities and Exchange Commission approved the first exchange-traded funds to track the spot price of Bitcoin, marking a turning point for the entire cryptocurrency industry. This step provided the sector with institutional legitimacy and increased its appeal to the general public.