Now Ethereum, with a USD 310B and a price resurging and reestablished hope in the crypto world, stands as the second-best cryptocurrency and a reliable one to invest in and stick to a long-term HODLing perspective. Since crypto is such a volatile and unpredictable concept, with prices bound to skyrocket or fall to the ground without notice, it’s safe to say that the best way to go is to add the most well-rooted aThe social media space has yet again been flooded with conversations, threads, FAQs, speculations, and all sorts of engagement content related to cryptocurrency, just like it did two years ago when some of the top-performing assets reached ATHs that have yet to be met again ever since. Bitcoin, the first cryptocurrency with a market cap of over USD 900B in 2024, has commenced what had to become a new era in finance and laid the foundation of digital money and all the following craze. Some witty developers, with programmer Vitalik Buterin as the lead, took notice of the potential of Bitcoin’s technology and gave it new purposes. Ethereum was thus created by them and set new movements and trends in motion, besides marking the inception of new tech and decentralized finance developments like smart contracts, dApps, and other tools with actual use cases.nd mainstream cryptocurrencies. Some events bound to occur in 2024 have garnered the community’s attention and had many investors incorporate crypto assets into their investment portfolios. As you’ll come to learn, a breakthrough is in sight for the frontrunners, and the upcoming events and speculations allude to positive performances and returns on investment.
So, what are the insights worth taking into consideration?
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A new game plan for Ethereum could trigger a price hike
Every new update and improvement to the under-the-hood system behind cryptocurrencies like Bitcoin and Ethereum signals optimism and positiveness, demonstrating that the assets are on the radar and expanding. While Bitcoin is not made to undergo modification like Ethereum by default and stick to a proof-of-work consensus mechanism, the latter has spurred impressiveness in the crypto space with its transition to a greener process of maintaining the network. The switch to a proof-of-stake system was just the first stage of the journey that had to follow. Now, Ethereum’s creator and co-founder, Vitalik Buterin, is working on new projects tabled earlier this month to improve Ethereum’s scalability, throughput, and safety, among other goals.
Since the Merge occurred in the autumn of 2022, the network prioritizes SSF, or a single slot finality. This aims to fix the existing network weaknesses and boost Ethereum’s mainstreamness and accessibility to a broader population. According to the principal Ethereum architect, this enhancement will also tackle Ethereum’s PoS issues.
The new roadmap exhibited by Buterin highlights advancement and ever-growing development objectives, demonstrating that Ethereum keeps working on ambitious goals. The crypto community now charts a path toward a possible price climb and more crypto newbies are starting their journey with this second-best digital coin.
The crypto community is placing bets on Bitcoin
As we venture into 2024, new and fresh predictions and assumptions are being crayoned. As all the current discussions indicate, the crypto ecosystem is going through pivotal transformations that are mapping out a brighter future. A Bitcoin Spot ETF (exchange-traded fund) has been on the radar for quite some time, representing an investment product that will boost exposure to the asset for the wider audience who has yet to interact with it financially. The SEC has long delayed a conclusion regarding approving or rejecting a spot BTC ETF. Still, it finally approved the product to many investors’ expectations and realistic hopes.
A few hours after the news broke, Bitcoin kept trading in green and stuck to a climbing trajectory. With its price inching for the $50,000 threshold, the speculations according to which the asset could reach a new ATH this year seem more probable than ever. Individuals outside and inside the industry have offered different price predictions for the leading crypto for this year, varying from a modest $60,000 to an astronomically $500,000. At the same time, industry executives have pointed to the commencement of a fresh bull run, primarily based on two events – the halving and the inception of BTC ETF trading.
While climbing prices are possible, it’s best to remain cautious and do your due diligence before jumping on bravely costly investments.
Bitcoin’s halving could boost its price, according to pundits
The BTC reward halving event scheduled for April 2024 is also awaited with high hopes as it has historically proven to usher in improved asset performances. Bitcoin halving could reduce the growth of the new supply of investment, thus positively impacting its valuation if the demand follows an upward trend.
Considering the SEC’s approval has finally arrived, and ETFs are hitting the stage, the likelihood of improved BTC performances is more substantial. As reps from Grayscale, a global crypto asset manager, stated, an inelastic BTC supply and potentially new and increased inflows could prove favorable for the asset’s valuations.
Consequently, Ethereum will also profit from a spot BTC ETF approval
Just like Bitcoin, an Ethereum spot ETF is also awaited, only this event is expected to occur in Q2 after approval from the SEC. According to predictions such as those from the global bank Standard Chartered, the SEC should come up with a final decision by the end of the year’s second quarter, concentrating the crypto community’s attention on it. Core to the craze around 2024 is the potential approval representing a milestone in the asset’s history that could reshape its position in the broader financial system.
Whether the spot ETH ETF will be approved or not remains to be seen in the weeks to come, and if the highly-awaited scenario turns actual, the asset could witness remarkable spikes in price. As predictability is out of the question regarding cryptocurrency, it is safe to conduct your research and approach the sector with extra caution without investing amounts that would hurt your budget if your expectations aren’t met.
So, is 2024 bringing good fortune? And how confident are you about buying Bitcoin and Ethereum, despite starting small and growing your investment as you go and develop knowledge?