Ethereum may surpass Bitcoin in 2024 – JP Morgan analysts
Along with a “cautious” forecast of the crypto industry for the next year, JP Morgan predicted that Ethereum (ETH) will surpass Bitcoin (BTC) in 2024. Moreover, they made this prediction despite the upcoming halving event, which will reduce the number of bitcoin tokens in circulation.
JP Morgan emphasized that “excessive optimism” could play against bitcoin next year. In addition, the institution’s analysts noted that the aforementioned event, which resulted in a halving of the remuneration to the owners, was “largely factored into the price” of the current value of the asset. Therefore, they do not expect huge profits over the next year, reports Watcher.Guru.
Throughout most of 2022 and at the beginning of this year, bitcoin has been fighting for its place in the mainstream. Indeed, the entire industry has experienced a cryptocurrency winter that has raised many concerns about its ability to recover. With a month to go until 2024, the excitement around this asset has never been higher.
The expectation of the potential approval of an exchange-traded fund (ETF, an exchange-traded fund that invests directly in cryptocurrency) and the upcoming halving of fees have caused an upbeat mood about its potential. However, one bank is not so optimistic about the overall positive performance of cryptocurrencies over the next year. Besides, according to JP Morgan, Ethereum may become a more productive asset than bitcoin in 2024.
The bank’s forecast for the next year is “cautious,” taking into account many factors. In particular, they pointed to the potential for over-excitement, which could eventually play against bitcoin. Subsequently, this led to an overbought asset on the market, which had already taken into account the upcoming halving event.
