The major reason behind this performance of Ethereum will be the EIP-4844 upgrade, also known as Protodunksharding. It is reported to be released in the first half of 2024.
Special Note
- Ethereum will outperform Bitcoin and other cryptocurrencies next year
- JP Morgan issued note under the leadership of Nikolaos Panigertzoglou
- EIP-4844 upgrade will have a big impact on ETH
In a note released on Wednesday,JP Morgan experts led by Nikolaos Panigartzoglou expressed confidence that Ethereum will gain market share within the crypto ecosystem in the coming year. The key catalyst he pointed to is the EIP-4844 upgrade, which is said to be ready for release in the first half of 2024. According to experts, this upgrade is expected to lead to a significant increase in Ethereum network activity, making Ethereum a strong contender.
According to The Block, protodunksharding is a more efficient form of sharding for Ethereum. Unlike the originally planned sharding technology, Dunksharding bypasses the complexity of dividing Ethereum into multiple shard chains. Instead, it introduces data blobs – temporary data packets associated with blocks – which can hold more data than the block but are not permanently stored or accessed by the Ethereum Virtual Machine.
While JPMorgan experts acknowledge bullish factors for Bitcoin in the coming year, such as the potential approval of a spot ETF and the upcoming halving, they argue that these factors are already priced in. Experts believe that the 2024 Bitcoin halving event has been largely factored into the current price, underscoring their positive outlook on Ethereum’s performance over the next year.
Leading US investment banking company JP Morgan said that Bitcoin is a better hedge against inflation than gold.
Bitcoin is taking away its attractiveness from gold. In a note to investors, leading US investment banking company JP Morgan said Bitcoin is a better hedge against inflation than gold. Bitcoin fans have long tried to claim that the cryptocurrency promises better and faster returns than gold. Many people prefer it as a store of value. Both these characteristics are usually associated with gold. However, critics say that Bitcoin is extremely volatile and there is no guarantee that it will always move upward on the growth graph.
Special Note
- The price of Bitcoin was trading at around $42,072.
- Prices of some other cryptocurrencies have also Increased
- Rules are being made for this segment in many countries.
The price of Ether, the second largest cryptocurrency, was up by about 3.15 percent at about $2,235. It has increased by $65 in the last one day.
Bitcoin, the largest cryptocurrency by market value, had a rise of 4.75 percent on Tuesday. Its price was trading at $42,072. The price of Bitcoin has increased by $1,077 in the last one day. Along with this, the prices of many other cryptocurrencies have also increased.
The price of Ether, the second largest cryptocurrency, was up by about 3.15 percent at about $2,235. It has increased by $65 in the last one day. Apart from this, there was also a rise in Avalanche, Polkadot, Tron, Polygon, Chainlink, Litecoin, Bitcoin Cash and Stellar. The market capitalization of crypto increased by 3.91 percent to $ 1.61 trillion.
Rajagopal Menon, vice president of crypto exchange WazirX, told, “The crypto market has recovered after a few days of decline. This could be due to Galaxy Digital’s plan to restart bankrupt crypto projects.” Regarding this, Shivam Thakral, CEO of BuyUcoin, said, “Big firms related to crypto are expected to get approval for Bitcoin ETF.
Due to increasing use of Solana blockchain, Solana
is up by more than seven percent.”If Bitcoin ETF gets approval from the securities regulator in America, investment can be made in it through cryptocurrency exchanges as well as normal market exchanges. Bitcoin made a high of around $68,000 two years ago.
Also Read this👇
How to Buy Bitcoin on Etoro in 2023:Step-by-Step Guide
Big Eyes Coin Price Prediction 2023,2025,2030: Analyzing Future Potential
Exploring the Future of Dogecoin and Shiba Inu Coin Price 2023-2025
Since then there was a big decline in its price. Investors had to suffer losses due to this. Late last month, Binance, one of the largest crypto exchanges, was found guilty of violating anti-money laundering laws in the US. Because of this, a fine of $ 4.3 billion (approximately Rs 35,827 crore) was imposed on Binance.
Its Chief Operating Officer, Changpeng Zhao, had announced his resignation. This caused a big shock to the crypto market. Cases of crypto related scams have increased in the last few years.
Recently, Prime Minister Narendra Modi had emphasized on making rules for the crypto segment. He had said that there is a need to maintain pace with the development of technology. In some countries, rules are being made for the crypto segment.
