The crypto world is looking forward to 2024, a year that could bring big changes, according to JPMorgan, the world’s largest bank. The bank predicts that Ethereum (ETH) will outperform Bitcoin (BTC) and other cryptocurrencies. This remarkable prediction is based on Ethereum’s planned upgrade, which promises to significantly improve the efficiency and scalability of the network.
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Ethereum’s groundbreaking new upgrade
The EIP-4844 upgrade, also known as Protodanksharding, is considered a crucial step in the development of Ethereum. This upgrade avoids the complexity of splitting the Ethereum network into multiple shard chains. Instead, so-called data blobs are introduced, temporary data packets that can contain more data than normal blocks. Quite a technical story, but basically the update makes the network more efficient and easier to use.
“We believe Ethereum will reassert itself and regain market share in the crypto ecosystem,” JPMorgan analysts led by Nikolaos Panigirtzoglou wrote in a note on Wednesday, CoinDesk reports. “The main catalyst is the EIP-4844 upgrade or Protodanksharding, which is expected to take place in the first half of 2024. We believe this upgrade is likely to prove to be a major step towards improving Ethereum network activity and contribute to better Ethereum performance.”
Bitcoin halving in 2024
Interestingly, JPMorgan also points out that the much-discussed Bitcoin halving in 2024 has already largely been factored into the current Bitcoin price. This suggests that the market will not necessarily experience major fluctuations as a result of this event. Halving, an event in which the reward for Bitcoin miners is halved, has traditionally had a significant impact on the price of Bitcoin. But that doesn’t necessarily have to happen in 2024 if we can believe JPMorgan.
In general, JPMorgan is somewhat pessimistic about the prospects of the entire crypto market in 2024. It also assumes that the impact of the approval of Bitcoin spot ETFs will not have too much of an impact, something the crypto community strongly believes. Ultimately, no one has a crystal ball, not even the analysts at JPMorgan. We will see.
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