Ether (ETH) is “eclipsed” by bitcoin (BTC) for a long time in the past several months. But prices could more than double by 2024, according to Juan Leon, crypto research analyst at asset manager Bitwise.
“Ether could very well go above $8,000 or $10,000 this year,” Leon said in an interview with CoinDesk. Markets Daily
“Bitcoin captured all the attention with the launch of the bitcoin ETF, but ETH has at least two main catalysts competing for focus,” Leon said.
This month’s Dencun upgrade willMake transactions cheaperon the Layer 2 network, which will support activities and attract more mainstream consumer demand.
“Most positive feelings last weeks or months after the upgrade. That’s when the effects start to happen,” he added.
Another catalyst is Ether ETF applications with decision deadline approaching in May
Even the chances of approval are not as clear as in the case of the Spot bitcoin ETF earlier this year. But Bitwise analyst sees the possibility bringing excitement to Ether, giving a 50%-60% chance of approval but insisting it will happen. “Sooner or later”
If approved, it could boost ether’s appeal among more conservative institutional investors. Just like the bitcoin ETF that launched in January. that has attracted strong investor demand with a net inflow of nearly $9 billion.
BTC makes a pointNew all-time highs reached this week. But Ether is still 20% below its 2021 all-time high.
refer : coindesk.com
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