ETH Ethereum could be the big winner of 2024, according to JPMorgan. Analysts estimate that the second largest cryptocurrency will outperform the cryptocurrency queen. What are they considering?
Ether (ETH), the big winner of 2024?
Analyst Nikolaos Panigirtzoglou posted a note yesterday and is quite bullish on Ether (ETH). It really counts on the explosion of the Ethereum network cryptocurrency, which would surpass Bitcoin (BTC) in 2024.. According to the JPMorgan teams, the reason could be EIP-4844, a network update.
“The main catalyst is the EIP-4844 or “proto-danksharding” update, which is due in the first half of 2024. We believe this update will be a major milestone improve activity on the Ethereum network.»
Proto-danksharding is the first step to danksharding which, as the name suggests, is an improvement on the sharding process for Ethereum. Ultimately, this will make it possible to no longer rely on multiple sharding chains, but instead use temporary “data blobs” to streamline the process. The improvement will be especially noticeable at layer 2such as Optimism or Arbitrum.
👉 To go further – Ethereum: what are the Cancun and Deneb updates that Danksharding will introduce?
For now, ETH is following BTC’s movements. It experienced a sharp drop on December 11, but has since started to rise again. So he took +6.5% in the last 24 hours.
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What to Expect for the Price of Ether and Bitcoin?
JPMorgan analysts therefore expect these improvements to drive the price of ETH. On the Bitcoin side, new developments are also being monitored, especially halving, which has historically been a harbinger of rising prices. But according to JPMorgan, the price increase may have already happened, with a clear increase in the price of BTC in recent months.
This means that the price of BTC may not increase that much during 2024… Unlike the price of ETH. Analysts however, staycareful» in their estimatesdue to the tendency of cryptocurrency markets to move strongly from one month to the next.
👉 Also in the news – Société Générale issues a digital green bond on the Ethereum (ETH) blockchain
The publication also notes two elements that could tarnish this beautiful optimist. On the one hand, performancesby disappointment» decentralized finance (DeFi), which failed to be included in the “classic” financial sector. On the other hand, venture capital investment. These were renewed at the end of the yearbut it will take more enthusiasm to actually trigger a new “bull run,” according to JPMorgan analysis.
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Source: JPMorgan, TradingView
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