For JPMorgan Bank, an update planned for the Ethereum blockchain in 2024 will increase the price of Ether to the point where it will be better than Bitcoin.
As we face the growth of cryptocurrencies, some banks are making predictions about asset prices in 2024. In a note consulted by The Block, the American bank JPMorgan believes that ether will surpass bitcoin in 2024. Its next update, called Protodanksharding and planned for 2024 in the first half of the year 2024 would push the cryptocurrency to its highest level.
“We believe that this upgrade is likely to be a more important step to improve the activity of the Ethereum network, helping Ethereum to outperform,” the US bank points out.
After “The Merge” update in 2022, which allowed Ethereum to move from a so-called “proof of work” operating system to a so-called “proof of stake” system (thus becoming an energy-efficient blockchain, unlike Bitcoin), Protodanksharding aims to to solve Ethereum network congestion by changing the transaction structure of the blockchain.
Rollover in sight?
Additionally, for JPMorgan, bitcoin will increase less than ether in 2024, with its price increase already this year in hopes of unblocking bitcoin spot ETFs next year, as well as another halving. Bitcoin is up 137% year-to-date, while ether is up 70% over the same period.
But could the hypothesis that Ether is outperforming Bitcoin lead to a “flip”? Specific to the crypto-ecosystem, this term appeared during 2017. Flippening is based on the thought that one day the capitalization of Ether will surpass that of Bitcoin. Bitcoin remains the most market capitalized cryptocurrency at $833 billion as of 3:00 PM this Wednesday, while Ether remains far behind at $274 billion. The rollover may not happen immediately.