JPMorgan Predicts Ether To Surpass Bitcoin With Groundbreaking Update In 2024
JPMorgan predicts Ether will surpass Bitcoin in 2024 thanks to a revolutionary update. The bank believes that Ethereum's EIP-4844, scheduled for the first half of 2024, will be a major catalyst for Ether's growth. This update, called Protodanksharding, will improve sharding efficiency and increase network capacity without fragmenting the blockchain.
JPMorgan analysts express some caution, but they anticipate that Ether will overtake not only Bitcoin, but also other cryptocurrencies in 2024. They believe that despite the favorable events planned for Bitcoin, such as the approval of ETFs spot and halving, these factors are already integrated into its current price.
Regarding decentralized finance (DeFi) and tokenization, JPMorgan highlights that although significant progress has been made, DeFi has struggled to fully integrate into the traditional financial system. The most important applications of blockchain in traditional finance are developing outside of public blockchains, limiting the transition of cryptocurrencies into real-world applications. Additionally, tokenization is hampered by obstacles such as fragmentation, lack of cooperation and delays in the introduction of CBDCs.
However, JPMorgan is seeing a tentative improvement in venture capital funding in the crypto space in the fourth quarter, which could signal the end of the cryptocurrency bear market if this trend continues into the first quarter of 2024.
