Brad Garlinghouse, the CEO of Ripple, discussed the unexpected surge in the crypto market this year. Sharing his insights in a conversation with CNBC’s Dan Murphy, Garlinghouse highlighted the resilience of the digital assets industry despite encountering significant challenges. He emphasized the substantial growth of the crypto market, noting a 20 to 30% increase throughout the year.
Garlinghouse pointed out that the market has reached a valuation of around $1.3 to $1.4 trillion. This commentary is particularly timely as the industry grapples with “massive headwinds,” yet manages to demonstrate a promising upward trend.
Crypto Market Cheers as Bruised Bulls Claim Victory
Bitcoin has achieved a notable milestone by surpassing its levels before the Terra crash, a recovery that spanned over 18 months. The primary digital asset reached almost $38,000 on Thursday, marking its highest point since May 2022 when the TerraUSD stablecoin incident led to widespread disruptions in the crypto space. Analysts at Bloomberg are indicating a 90% probability of a spot Bitcoin ETF by January 10, reflecting renewed confidence among investors.
This eagerly anticipated rally in the digital asset market suggests a move beyond the impact of the last crash. Meanwhile, Ethereum has exceeded the $2,000 threshold, attributed to BlackRock’s ETF filing. Other prominent cryptocurrencies, including BNB, XRP, and Solana, have also recorded substantial gains, highlighting the prevailing bullish sentiment in the market.
In a recent discussion at DC Fintech Week, Garlinghouse highlighted the remarkable performance of XRP. Despite this, he acknowledged his lack of a “magical window” to discern the factors influencing prices. Humorously, he mentioned that if he possessed such a mystical insight into crypto price drivers, he might consider quitting his current role. Emphasizing a preference for a long-term perspective, the Ripple CEO shared his approach to navigating the crypto landscape.