Bitcoin Boom Under Trump Could Push Crypto to $10 Trillion Market Cap: Standard Chartered

Standard Chartered issued an extraordinarily rosy note on Friday regarding the crypto industry’s near-term prospects, estimating that the digital assets market is poised to balloon nearly four times over to a market capitalization of $10 trillion by the end of 2026. “We expect the coming two-year period to see similar price gains for digital assets (in percentage terms) to 2021,” the British bank said in a note shared with The bank doubled down on previous estimates that, by the end of next year, Bitcoin will reach $200,000 and Ethereum will surpass $10,000. That’s quite a jump from current prices of approximately $76,500 and $2,950, respectively.Much of this enthusiasm stems from Donald Trump’s decisive victory in Tuesday’s U.S. presidential election. Trump, who made a laundry list of crypto-related Standard Chartered expects that Trump and his congressional allies will swiftly implement a number of measures that will unleash positive price action for numerous cryptocurrencies. Among them are the repeal of “The new U.S. administration is likely to bring regulatory changes that are needed to drive the next leg of growth in digital assets,” Standard Chartered said.The bank also expects other new developments to define the crypto ecosystem over the next two years. For one, it says that despite Bitcoin’s rocketing price, the world’s top cryptocurrency is poised to decrease in dominance over the digital assets sector—from its current valuation at 60% of the entire crypto industry to just 40% by the end of 2026. Driving this explosion in the value of altcoins, so Standard Chartered predicts, will be the ascendance of real-world applications for crypto tokens with utility.“Standard Chartered is betting that several use cases are poised to drive this trend for altcoins in the immediate future, including growth in gaming, decentralized physical infrastructure (or Edited by Andrew Hayward