Ethereum (ETH) may outperform bitcoin (BTC) in 2024, at least that is a prediction by asset manager VanEck. Matthew Sigel, head of digital assets at VanEck, sees an optimistic view of ETH’s future despite the challenges surrounding the launch of a spot Ethereum ETF. Could we even see a flipping this year?
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Ethereum flippening in 2024
Despite the fact that a spot Ethereum ETF is taking a long time and the US Securities and Exchange Commission (SEC), as is often the case, is taking its time, the sentiment around Ethereum remains bullish. The reason for this lies not only in Ethereum’s appeal as the largest altcoin, but also in the cyclical patterns that cryptocurrencies often follow. With a major event such as the Bitcoin halving on the calendar for April this year, Ethereum is expected to perform excellently against BTC, as in previous cycles.
VanEck’s Matthew Sigel emphasizes that while the so-called flipping – where Ethereum would overtake Bitcoin as the largest cryptocurrency – is unlikely, ETH is likely to outperform BTC:
“In the medium term, ETH usually outperforms BTC in the half-year, right? So I don’t want to see the forest for the trees. I don’t think there will be a flipping, but I do think that when the year is out, ETH will have outperformed BTC.” Sigel said to CryptoQuant
The impact of Ethereum ETFs
The SEC’s slowness to make a decision on the spot Ethereum ETFs from heavyweights such as BlackRock and Fidelity is reminiscent of the previous lawsuit over Bitcoin ETFs The US government is reluctant to involve banks and brokers in crypto, which poses a significant hurdle for the development of related ETFs.
At the same time, it also means that we still have no clarity about the possible arrival of Ethereum ETFs. However, it was announced earlier this week that discussions are underway between the SEC and a number of asset managers, which is a positive development.
The SEC must make a decision in May. It is impossible to predict at this point what the SEC will say.
The impact of Ethereum ETFs will most likely be huge, just like the arrival of Bitcoin ETFs. In any case, the future for Ethereum looks extremely bright, although a flipping seems extremely unlikely in 2024.
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2024-03-10 18:20:33
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