🚀 Will Ethereum (ETH) Hit a New All-Time High in 2024? Here's a detailed look at what could drive ETH towards $4900-$5000:
📈 ETH ETF Launch
With ETH ETF trading set to begin on July 23, similar to the successful BTC ETF launch earlier this year, significant inflows are expected into Ethereum.
💼 Comparing ETH and BTC
Despite ETH's market cap being 32.8% of BTC's, its 24-hour spot volume (47%), derivatives volume (37.9%), and total open interest (41.9%) suggest strong market activity and investor interest.
💰 Projected Inflows
Based on BTC ETF trends, ETH ETF could attract inflows estimated at $7.12 billion in the first 6 months, potentially adding $142.4 billion to ETH market cap.
🔍 Bullish Factors
Factors like no selling pressure from entities like Mt. Gox, record-low exchange supply, deflationary effects post-Merge, and staking rewards incentivizing holding ETH, all contribute to bullish sentiment.
📊 Price Projection
These factors combined could propel ETH to new heights, possibly reaching $4900-$5000, marking a new ATH for Ethereum.
📌 Keep in mind: Always #NFA (Not Financial Advice) and #DYOR (Do Your Own Research) when making investment decisions.
Are you bullish on ETH's potential in 2024? Share your thoughts below! 🌐💬.
