Ethereum ETH Price Set to Rise Against Bitcoin in 2024 Thanks to Key Updates and Spot ETF Potential
Ether is gearing up for a big breakout year in 2024, say market analysts. Ethereum's market-leading smart contract native token blockchain is poised to drive both technical and regulatory gains this year to boost profits from bitcoin.
TLDR
As Ether builds the ETF narrative in 2024 and major Ethereum improvements such as Denkun will reduce fees, Ethereum will continue to be the main platform for DeFi, NFTs and smart contracts compared to competitors. ETH will surpass BTC by 2024, given Ethereum's strength and further product opportunities.
Chief among them is the Denkun update, which is currently being tested. Slated to hit the Ethereum mainnet in the coming months, Denkun will introduce a data structure that some experts estimate will cut network fees by up to 90 percent.
Denkun aims to alleviate the congestion and high costs that have hampered Ethereum adoption by improving elasticity and resource utilization. The impact on unlocking the platform's true potential can be significant.
Beyond Denkun, Ethereum's dominance in areas such as decentralized finance and NFTs continues to grow. The total value locked in Ethereum DeFi protocols is 13x higher than rival blockchains. And while nuevo crypto darling Bitcoin has seen further inflation in mining rewards over the past year, Ethereum's fee burn makes ETH a depreciating asset.
That scarcity, combined with increasing leverage and institutional demand, gives investors an easy way to earn income by holding ETH. In comparison, static bitcoin has no such incentives.
If we talk about institutions, their comfort with ether vehicles will increase. The hottest current craze focuses on spot cryptocurrency ETFs that hold tokens directly. Giant fund managers like BlackRock and VanEyck — which launched Spot Bitcoin ETFs — have ETH fund proposals awaiting regulatory green lights.
Self-maintenance released support tests last week with only direct Ether exposure to enter investors. If the floodgates open with SEC approval, expect Gugu Capital to drive the price of ETH higher and decisively flip the script of last year's Bitcoin dominance.
Of course, risks remain as with any new technology. But for crypto pioneers and institutions, Ethereum appears to be a better long-term bet compared to other blockchains vying to usurp the throne. With game-changing improvements launched in months rather than years, 2024 shapes up as ETH finally wakes up to achieve its lofty ambitions.
And skeptical bitcoin gurus may be abandoning nostalgia for the near-realistic vision of an ethereum-centric future edge. The high-stakes battle for blockchain supremacy has entered a new phase, with all arrows pointing to ETH market leadership in times of abundance and drought.
