Before the Bitcoin Halving 2024 takes place, Bitcoin, the most well-known cryptocurrency, is drawing significant attention. However, Ethereum, the second most widely used cryptocurrency, seems to have taken a back seat in market developments as of now. Nevertheless, experts and analysts, as well as those with a moderate level of technical knowledge in crypto, believe that Ethereum harbors great promise and could become a significant force in the future.
With the halving date drawing near, there’s increasing buzz in the cryptocurrency world about Ethereum possibly surpassing $10,000 in value following the event. Many experts believe that Ethereum’s price will significantly increase during the next crypto market uptrend.
Instead of Ethereum’s predictions, there is a lack of specific data or proof to illustrate its future trend with certainty, in contrast to Bitcoin’s anticipated price surge to $150,000 following the 2024 halving event.
This piece explores the possibility of Ethereum’s price surpassing the $10,000 mark in the article, outlining potential causes following Bitcoin’s upcoming halving.
Factors That Could Send ETH Above $10,000
Several key reasons have contributed to Ethereum’s growth towards $10,000, and here are a few of them:
Ethereum-Bitcoin (ETH–BTC) Price Correlation
The historical record shows that the cost of Ethereum (ETH) tends to align with Bitcoin’s (BTC) price increase, primarily due to Bitcoin’s significant influence in the cryptocurrency market. Since both Bitcoin and Ethereum are mostly driven by speculation rather than practical usage, the surge in Bitcoin’s price often causes Ethereum’s price to rise as well, thanks to their interconnected ecosystem.
An additional significant factor influences the purchasing and selling of these assets: they often impact each other’s value. For example, when the price of Bitcoin increases, Ethereum may become less expensive in the ETH–BTC market, while a decrease in Bitcoin’s price can make Ethereum more costly relative to Bitcoin. This price fluctuation cycle significantly contributes to the correlation between the prices of Ethereum and Bitcoin.
Despite the instability of this particular case, there are significant technical disparities between the two blockchain networks under consideration. Over the last twelve months, the value of Ethereum has risen by 87%, in contrast to Bitcoin’s impressive gain of over 133% as indicated by PortfoliosLab’s data. As depicted in the enclosed graph, Ethereum’s price correlation has recently weakened and it has trailed behind Bitcoin during its robust upward trend.
The Pump Followed By Bitcoin Breakout
Mentioned previously, Ethereum (ETH) prices typically mirror Bitcoin’s trends. With Bitcoin’s price soaring rapidly, ETH could potentially reach new heights. Some predictions suggest Bitcoin may reach $150,000, representing a significant increase of approximately 160% from its current market value. Similarly, due to the market correlation between Bitcoin and Ethereum, ETH might hit $10,000 or more, which is over 200% higher than its present price range of $3400-$3700.
At the peak of the market cycle, liquidity shifts significantly as profits from prominent assets like Bitcoin are often moved into other investments. This could result in a substantial influx of funds into Ethereum, potentially causing its price to surge past $10,000.
Potential Ethereum ETF Approval
Following the green light given to Bitcoin spot ETFs, Ethereum spot ETF supporters in the cryptocurrency realm were hopeful for approval. However, optimism surrounding an Ethereum ETF has waned after VanEck CEO Jan van Eck voiced skepticism about its chances during a CNBC interview. He indicated that regulatory agencies are likely to reject an Ethereum ETF application. With VanEck being among the pioneers in Bitcoin ETF issuance, this perspective carries substantial weight.
According to Bitwise analysts, there’s a good chance – around 50 to 60% – that the SEC will eventually approve an ETH (Ethereum) ETF. This approval could lead to a significant influx of investment from traditional finance, as these players view Ethereum’s smart contract functionality and extensive real-world applications as more attractive alternatives.
Among the numerous optimistic predictions for a strong market rally in 2024, some analyses propose that Ethereum (ETH) may surpass Bitcoin (BTC) in terms of performance. Several studies provide compelling evidence to support this notion. However, is it truly feasible?
Will ETH Outperform BTC in 2024
In the cryptocurrency market, which can be extremely volatile and unpredictable, there are several scenarios that could play out. For instance, Ethereum might surpass Bitcoin in terms of price growth, as happened in 2021 when ETH saw nearly a 400% increase, while Bitcoin gained only about 66%.
Exporters also acknowledge that Ethereum has a bright future with various applications and distinct features setting it apart from Bitcoin. Although there’s a possibility for Ethereum to surpass Bitcoin during the anticipated 2024 rally, Ethereum’s market cap and price currently trail far behind Bitcoin’s. Therefore, Ethereum might outperform Bitcoin in intermittent price increases but not consistently challenge its market dominance.
Conclusion
Bitcoin’s halving can be seen as the catalyst for a bull market and significantly influences the entire cryptocurrency sector beyond just Bitcoin. Given its status as the second largest blockchain and crypto asset, Ethereum stands to gain the most from this trend. With buzz around the crypto market hitting new records in the upcoming months, it’s expected that Ethereum’s price will reach a fresh all-time high and potentially surpass the $10,000 mark.
FAQs
Will ETH price reach $10,000 in 2024?
It’s possible that the price of Ethereum will hit $10,000 by the year 2024. This might be preceded by Bitcoin’s price surge following its halving event.
How far Ethereum price could go in 2024 and 2025?
It’s possible that the price of Ethereum could hit $10,000 by the year 2024. This might be preceded by Bitcoin’s price surging past its previous highs following its next halving event.
Does Bitcoin halving impact Ethereum price?
Sure thing!
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2024-04-12 13:25