JPMorgan says Ethereum will outperform Bitcoin next year despite the Bitcoin halving and the possible launch of a Bitcoin ETF.
“We believe Ethereum will regain market share within the crypto ecosystem next year,” JPMorgan analyst Nicholas Panigirtzoglou wrote in a Dec. 13 note.
JPMorgan Chase made predictions based on Ethereum EIP-4844 upgrade
The Wall Street bank believes that the upcoming upgrade could be one of the key events driving Ethereum’s price next year.
“The main catalyst is the EIP-4844 upgrade, or Protodanksharding, which is expected to take place in the first half of 2024,” said analysts at JPMorgan. “We believe this upgrade is likely to be a significant step in improving Ethereum network activity, thereby helping Ethereum outperform.”
Protodanksharding is the first step towards implementing Dank sharding within the Ethereum network.
Danke Sharding avoids the complex process of splitting Ethereum into multiple shard chains and instead introduces data blocks. These temporary data packages will be attached to blocks. Data blocks are also able to store more data than the current network capacity.
Analysts at JPMorgan Chase said the upgrade is expected to benefit second-layer networks like Arbitrum and Optimism, and that the upgrade will provide temporary space for storing additional data. This will further increase network throughput and reduce transaction fees for second-layer network transactions on Ethereum.
Bitcoin halving event is already priced in
When talking about how they believe Ethereum will surpass Bitcoin by 2024, JPMorgan analysts said that the bullish factors for Bitcoin are already priced in.
Despite the Bitcoin halving event expected next April and potential approval of a spot Bitcoin ETF in January, analysts are sticking with their theory that Ethereum will outperform the market leader.
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