With the weight of cryptocurrency winter behind them, Ether and Bitcoin are at their strongest points. But in 2024, one of them is going to do better than the other. Generally speaking, Bitcoin would be ranked highest, but in this case, Ether is. JP Morgan analyst Nikolaos Panigirtzoglou has sided with Ether, predicting that in the upcoming year, ETH will reassert itself and surpass Bitcoin.
Their gains from the start of the new year are primarily gauged by the performance measurement. This is further demonstrated with a broader reference: At $2,260.46, ETH is currently trading hands, while BTC is at $42,800.32. At the time this article was being written, both numbers were accurate.
By the end of 2024, it is predicted that Bitcoin will reach its ATH value. Alternatively, it can exceed that amount and establish the $100k threshold as a whole new standard. Conversely, ether is fluctuating around $2,200. By the end of 2024, ether might potentially reach a maximum of $5,000, if the estimate is accurate.
Ether’s performance might be enhanced by the EIP-4844 update. It is slated to take place in 2024’s first half. The prior launch was reportedly scheduled for 2023’s fourth quarter.
The EIP-4844 update, sometimes referred to as Proto-Danksharding, is accompanied by a pledge to lower transaction fees for users and improve network efficiency. Only until it becomes live and members have tried and tested the functionality will a firm determination be made.
According to the JP Morgan analyst, the release of the aforementioned update will mark a significant turning point and a major advancement in the enhancement of Ethereum network operations. Danksharding will be possible if Proton-Danksharding is effective. The concept is to present data blobs, which can store more information than blocks without being permanently stored.
The two things that are most important to Bitcoin are the Bitcoin halving and the Spot Bitcoin ETF. It is anticipated that both events will take place in the first half of 2024. The halves procedure will take place sometime in the middle of 2024, even though applications for ETFs may be accepted by January 10, 2024. A lot of experts have also issued warnings, saying that if the SEC chooses to reject Bitcoin ETF applications, they might never be approved. Furthermore, the process of halving can just go by without anyone noticing the excitement around it.
A common component between Ethereum and Bitcoin is a Federal Reserve rate decrease. The only thing that will gain from it is the release of funds to support the growth of the digital economy. Right now, everyone is focused on the first half of 2024. The community is also watching how both tokens perform in 2023 since, if an ATH is the real goal, they cannot drop below their resistance levels.
