As the fourth quarter of 2024 approaches, some analysts predict continued price growth for Bitcoin BTC +0.57% and the broader cryptocurrency market, driven by institutional adoption and macroeconomic factors.

"Amid macro shifts and institutional adoption, digital assets are poised for continued growth in Q4, as sovereign balance sheets face pressure, investors will seek long-term hedges like bitcoin," CF Benchmarks Lead Research Analyst Gabriel Selby said in a note sent to The Block.

Institutional players, Lee added, are set to be a significant driver of this growth. "MicroStrategy continued to sell bonds in September to purchase more bitcoin, and bitcoin exchange-traded funds (ETFs) saw continued net inflows following interest rate cuts. This indicates that institutions are optimistic about the market outlook. With ongoing institutional buying, bitcoin is likely to break previous highs," Lee said.

Selby noted that the U.S. regulatory landscape could undergo significant changes after the November 5 presidential election, fostering an environment ripe for crypto innovation. "We see conditions fostering investor confidence and driving capital formation," he said.

In 2024, BlackRock launched a tokenized money market mutual fund on the Ethereum network. Selby noted that this development marks only the beginning of the potential for tokenized assets to integrate with decentralized finance (DeFi), enabling stocks, bonds, and real estate to be used as collateral or traded on decentralized exchanges.

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