A new report prepared by investment firm VanEck, 2024 cryptocurrency The unit reveals 15 projections for its environment. The report touches on an important possibility, such as whether Ethereum will dethrone Bitcoin.
In the report, EthereumIt is stated that despite solid gains, Bitcoin will not be able to “dethrone” it next year.
Koinfinans.com As we reported, the analysis predicts that Bitcoin will maintain its position as the largest cryptocurrency by market cap. Bitcoin it may also receive state-level support from countries such as Argentina. The report also points to Bitcoin’s open regulatory status and higher energy consumption. It is estimated that this situation will attract the attention of semi-governmental organizations in regions such as Latin America, the Middle East and Asia.
Argentina, the fifth country to sponsor Bitcoin mining at the state level, is signaling interest in mining digital assets through state-owned energy giant YPF.
Ethereum’s Outlook Remains Strong
Despite this outlook, Ethereum is expected to greatly outperform mega-cap tech stocks. VanEck believes Ethereum will rise post-halving when Bitcoin miners’ rewards are halved. This situation historically triggers a new rise in Bitcoin prices, with profits then flowing into altcoins.
However, despite beating major stocks, Ethereum will not surpass Bitcoin as “flippening” speculations suggest. While there is a possibility that ETH will become more valuable in daily trading volume, Bitcoin is still seen as maintaining its market cap leadership.
The report mentions that Ethereum may lose share to other smart contract platforms such as Solana with clearer scaling roadmaps. The report also includes other predictions, including the possibility of Bitcoin hitting a high in 2024, a resurgence of NFT activity, and others.