Many important events concerning the cryptocurrency industry will occur in 2024. Among these, Bitcoin halving, SEC's spot Ethereum ETF decision and Ethereum Dencun upgrade are in the top three places.
It is stated that the Ethereum Dencun upgrade aims to reduce the costs and data availability of transactions on the layer-2 network.
At this point, while the Dencun upgrade is expected to cause some Ethereum (ETH) layer-2 altcoins to rise, the host of the Coin Bureau YouTube channel stated in a recent video that there may be a big explosion in the prices of four major altcoins thanks to the ETH Dencun update.
Stating that these altcoins are Arbitrum (ARB), Optimisim (OP), Immutable X (IMX) and Polygon (MATIC), the analyst said:
“As the Dencun upgrade approaches, Ethereum layer-2 altcoins are also about to rise.
With this upgrade, Arbitrum can maintain its bullish momentum. ARB recently hit an all-time high of $2.40 on January 12th and shows no signs of slowing down in large part due to the anticipated effects of Dencun. With the upgrade, more users may turn to using Arbitrum as a cheaper alternative to interact with Ethereum.
Secondly, OP also has a significant upward potential as it aims to create a “super chain” ecosystem.
Thirdly, after the Dencun upgrade, IMX may see a rapid acceleration in blockchain game development as network efficiency increases and become one of the top contenders in the GameFi field. This indicates a significant upward potential in terms of price.
Lastly, looking at MATIC, it reached an all-time high of $2.92 on December 27, 2021. It is still 60% below its ATH. But with the Ethereum Dencun upgrade 2 this may all change.”
*This is not investment advice.