Fundamentally, the crypto landscape took a giant step forward this week with the launch of Bitcoin (BTC) spot exchange-traded funds (ETFs). Previously, this was considered a major catalyst for a new bull market. Crypto analyst Lark Davis mentions four other possible drivers that he believes will bring about a successful 2024.
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Bitcoin halving en Ethereum update
The first two involve major changes to the world’s largest blockchains: Bitcoin and Ethereum (ETH).
Bitcoin will undergo its coveted halving around April. This halves the rewards miners receive for adding a new transaction block to the blockchain; from 6.25 BTC to 3.125 BTC.
Historically, this pivotal shift has paved the way for a new and powerful bull market, and many believe we are in for another such scenario. Davis agrees with the market consensus.
Ethereum will also undergo a drastic change. This year, the so-called ‘Cancun-Deneb’ upgrade will be implemented on the smart contract network. Ethereum Improvement Proposal (EIP) 4844, better known as ‘Proto-dankhardening’, is the most significant change and focuses on improving the scalability of the network.
Ethereum ETFs, and possible XRP ETFs
Since the approval of Bitcoin spot ETFs, attention within the crypto landscape has shifted towards the possible arrival of such exchange funds for Ethereum. Various applications, from BlackRock among others, have been with the American authorities for several months Securities and Exchange Commission (SEC).
Davis expects the SEC to approve a batch of Ethereum ETFs in May. The regulator will have to issue a final decision on VanEck’s attempt by May 23, but Davis anticipates a mass approval by then.
Finally, Davis thinks that we will also get a stock market fund for XRP, Ripple’s cryptocurrency, this year. Davis points out that the lawsuit with the SEC, in which XRP is not classified as a security, will be very important for the eventual launch.
All these factors together, according to Davis, will lead to a new booming market, as we saw in 2020/2021.
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2024-01-13 20:39:33
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