1. Ethereum network technology upgrade
Ethereum’s transition to a proof-of-stake (PoS) model and the subsequent Shanghai upgrade implemented in early 2023 saw significant improvements in network infrastructure.
While these upgrades have helped solidify Ethereum’s position in an increasingly competitive cryptocurrency market, the network team has more upgrades to make.
JPMorgan analysts say the upcoming EIP-4844 upgrade Proto-Danksharding will help Ethereum outperform Bitcoin.
2. ETH’s market dominance relative to other chains
Over the years, multiple blockchain networks have sprung up, each hoping to gain market share with several competitive products. However, Ethereum continues to maintain its dominance in the market, according to a recent report from ETC Group.
Ethereum’s ERC-20 token has huge dominance over competitors like Binance’s BRC-20 token in terms of total market capitalization, another indicator of the network’s market dominance.
As the report shows, the value of Ethereum stablecoins, including Tether (USDT), USD Coin (USDC) or Dai (DAI), accounts for 51% of the current total stablecoin market capitalization.
This shows that the network will become the core of blockchain development. This will maintain demand for its native token, pushing the price of Ethereum towards $10,000.
Furthermore, growing interest in Ethereum ETFs will further sustain the bullish trend for ETH prices in 2024 once the market recovers.
3. Growing institutional interest
Analysts say growing institutional interest in Ethereum could help ETH reach $10,000 in 2024.
The SEC, notorious for cracking down on cryptocurrencies, does not consider Ethereum to be a security similar to Bitcoin, a fact that has attracted the attention of big names. Major financial institutions typically avoid tokens that may face regulatory crackdowns. For ETH, this danger does not exist, at least not yet.
Additionally, the potential launch of Ethereum-related funds by major financial institutions such as BlackRock further highlights this growing interest.
The SEC, led by Gary Gensler, recently approved the first U.S. spot Bitcoin ETF, opening the door to future approval of an Ethereum ETF.
Additionally, widespread expectations for a cryptocurrency bull run in 2024 could serve as a catalyst for ETH prices to reach $10,000 this year. #BTC #Ethereum；
