đ Will Ethereum (ETH) Hit a New All-Time High in 2024? Here's a detailed look at what could drive ETH towards $4900-$5000:
đ 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.
đŒ 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.
đ° 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.
đ 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.
đ Price Projection
These factors combined could propel ETH to new heights, possibly reaching $4900-$5000, marking a new ATH for Ethereum.
đ 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! đđŹ.
