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ethereum will outperform bitcoin next year despite the halving and possible launch of bitcoin ETFs. JPMorgan said.
“We believe that next year ethereum/”>ethereum will reassert itself and regain market share within the crypto ecosystem,” JPMorgan analysts led by Nikolaos Panigirtzoglou wrote in a Dec. 13 note.
<img decoding="async" alt="artificial intelligence at JPMorgan – Current initiatives | Emerj artificial intelligence Research” src=”https://technicalterrence.com/wp-content/uploads/2023/12/1702844392_314_Ethereum-Will-Overtake-Bitcoin-in-2024-Despite-BTC-ETFs-and.jpg”/><img decoding="async" src="https://technicalterrence.com/wp-content/uploads/2023/12/1702844392_314_Ethereum-Will-Overtake-Bitcoin-in-2024-Despite-BTC-ETFs-and.jpg" alt="artificial intelligence at JPMorgan – Current initiatives | Emerj artificial intelligence Research”/>
JPMorgan based its prediction on the ethereum EIP-4844 update
Wall Street bank believes that an upcoming upgrade could be one of the big events that will drive the price of Ether next year.
“The main catalyst is the EIP-4844 or Protodanksharding upgrade, which is expected to take place during the first half of 2024,” JPMorgan analysts said. “We believe this upgrade will likely be a bigger step towards improving ethereum network activity, thereby helping ethereum to outperform.”
Protodanksharding is the first step towards fully implementing Danksharding within the ethereum network.
Danksharding avoids the complicated process of splitting ethereum into multiple shard chains and will instead introduce blobs of data. These temporary data packets will be attached to blocks. Data blobs will also be able to contain more data than is currently possible within the network.
Layer 2 networks such as Arbitrum and Optimism are expected to benefit from this update, according to JPMorgan analysts, as the update opens up temporary space to store additional data. This will subsequently increase network throughput and reduce transaction fees for Layer 2 networks transacting on ethereum.
bitcoin Halving Event Already Included in Price
Sharing their belief that Ether will overtake bitcoin in 2024, JPMorgan analysts said the bullish factors for bitcoin have already been priced in.
Despite the upcoming bitcoin halving event expected to take place in April next year and the possible approval of bitcoin spot ETFs (exchange-traded funds) in January, analysts stick to their theory that Ether will outshine the market bitcoin/”>leader.
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