ETHEREUM (ETH)
As of November 2024, Ethereum is seeing significant developments that could impact its position in the crypto market moving into next year. A notable focus is on Ethereum’s scalability, particularly through the concept of Danksharding, which is set to improve network efficiency by introducing “data blobs” to reduce transaction costs on Layer 2 networks like Arbitrum and Optimism  .
This enhancement is crucial because Ethereum’s role is evolving beyond just a cryptocurrency; it aims to become a robust platform for decentralized applications (DApps) and Web3 integrations. The implementation of technologies like Danksharding is designed to increase throughput and lower fees, which could help onboard more traditional companies into blockchain use .
In addition to technological updates, Ethereum’s ecosystem is seeing increasing specialization, with different blockchains focusing on niche areas like gaming, finance, and supply chain management. This shift is expected to drive the next wave of decentralized applications (DApps) and create more real-world use cases for blockchain technology .
Looking ahead, analysts suggest that while Bitcoin may see gains from its upcoming halving event in 2024, Ethereum could outperform due to its focus on scalability and utility within decentralized finance (DeFi) and other Web3 initiatives .
These updates highlight Ethereum’s continued push toward scalability and real-world adoption, setting the stage for a potentially transformative year in 2024.
