After Bitcoin’s incredible 150% surge last year, investors are hunting for cryptocurrencies that could outpace Bitcoin in 2024. Ethereum stands as a top contender, retaining its position as the second-most valuable crypto with a massive $270 billion market cap.
While Ethereum doesn’t grab headlines like Bitcoin, it deserves attention, especially if anticipated Bitcoin boosts fall short. Let’s delve deeper.
Spot Bitcoin ETFs are the talk of the town. The idea of a new regulated product for investing in Bitcoin is driving its surge. But JPMorgan Chase raises doubts, citing weak demand for similar ETFs elsewhere and the potential for a mere shift of money from existing Bitcoin investments to the new ETF. This could limit the expected inflow into Bitcoin.
Then there’s the Bitcoin halving, a rare event occurring every four years. Historically, it’s pumped up Bitcoin’s price, with predictions of reaching $100,000 by year-end. However, Wall Street voices suggest the impact might already be factored into prices. The market’s awareness of the event and available historical data might downplay its effect.
Now, onto Ethereum. While lacking similar catalysts to Bitcoin, Ethereum is revamping its blockchain. Delivering on promised improvements could lower fees, hasten transactions, and boost overall efficiency, enticing investors. Additionally, Ethereum’s involvement in various crypto sectors, like NFTs, DeFi, gaming, and the metaverse, might thrive with renewed interest in a crypto resurgence.
If I had to choose, I’d still favor Bitcoin. Despite potential overhype around the new Bitcoin ETF and the underwhelming halving expectations, its growing institutional support puts it on the brink of mainstream acceptance. For 2024, if there’s one crypto to bet on, it’s Bitcoin.
