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JPMorgan Predicts Ethereum Will Grow Stronger Than Bitcoin in 2024

Analysts from American banking group JPMorgan Chase believe that Ethereum is a better investment choice than Bitcoin in 2024.

JPMorgan Predicts Ethereum Will Grow Stronger Than Bitcoin in 2024

JPMorgan predicts that Ethereum will have stronger growth than Bitcoin in 2024. A positive view for this cryptocurrency’s prospects. JPMorgan Chase’s financial experts made this prediction. However, they still maintain a cautious attitude towards the overall outlook of the crypto market.

According to Mr. Nikolaos Panigirtzoglou, an analyst at JPMorgan:

“We believe that Ethereum will strengthen its position and regain market share in the crypto market. The key element will be the EIP-4844 upgrade, which is expected to be deployed in the first half of 2024. We believe this is an important step forward for the Ethereum network, thereby helping ETH grow.”

EIP-4844, also known as Proto-danksharding, is an upgrade that helps Ethereum scale the network by sharding data on the blockchain into smaller pieces called “blobs,” allowing Reduce gas costs, especially with layer-2 solutions like Arbitrum and Optimism.

However, the implementation of EIP-4844 through the Dencun hard fork has been continuously delayed by Ethereum developers. The newly updated estimated time is March or April 2024.

gm, eth devs decided yesterday to push cancun/deneb activation on the goerli testnet to jan.

why this matters: assuming public testnet forks are spaced at least 2 weeks apart, there’s a high chance now that mainnet activation of cancun likely won’t happen until march and some…— Christine Kim (@christine_dkim) December 8, 2023

JPMorgan is also positive on Bitcoin in 2024, but they believe that important events such as the approval of the Bitcoin spot ETF and the fourth Bitcoin halving, which is already reflected in the price chart, may not create an impact big positive move.

In addition, the JPMorgan analyst emphasized that DeFi has not yet recorded many important developments, and has not been able to reach the traditional financial industry. Activities related to bringing real assets to the blockchain are also slow and lack connection between platforms. The prospect of a central bank-backed digital currency (CBDC) is also very far away.

Finally, JPMorgan noted that although the cryptocurrency industry’s funding situation in the fourth quarter of 2023 has improved significantly, it will still take time until 2024 to confirm whether money will truly return to the market. Crypto market marking the end of the “crypto winter” period.

JPMorgan has also been creative in embracing various cryptocurrency initiatives, such as the JPM Coin project for payments testing. However the bank’s CEO, Jamie Dimon, recently strongly opposed cryptocurrencies, focusing on risks such as money laundering, tax evasion and drug trafficking among others.

Source: AZC News

Disclaimer. This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.


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