Ethereum (ETH) has been “massively eclipsed” by Bitcoin (BTC) in recent months. However, this could change significantly in 2024, according to Juan Leon, a crypto research analyst at asset manager Bitwise.
Despite Bitcoin hitting all-time highs, Leon believes ETH could more than double in price this year. “Ethereum could go above $8,000, $10,000 this year, maybe even higher,” Leon said in a recent interview.
Leon noted that although Bitcoin has gained attention with the launch of Bitcoin ETFs, there are at least two important catalysts that will bring ETH into focus.
One of these catalysts, according to the analyst, is the upcoming Dencun update, which is expected to make transactions cheaper on layer-2 networks. This could significantly increase activity on the Ethereum network and potentially attract mainstream, mass consumer demand.
“Most of the positive sentiment will occur weeks and months after the update as the effects become evident,” Leon added.
According to the Bitwise analyst, the approval likelihood for Ethereum ETFs is not as clear as it was for spot Bitcoin ETFs earlier this year. However, the possibility of approval is expected to bring excitement to ETH. Leon estimates a 50%-60% chance of an approval, but believes approval will happen “sooner rather than later.”
*This is not investment advice.