Is 2024 the Year Ethereum Will Steal Bitcoin’s Throne?

1 year ago 62

The post Is 2024 the Year Ethereum Will Steal Bitcoin’s Throne? appeared first on Coinpedia Fintech News

Raoul Pal, the esteemed Founder and CEO of Global Macro Investor, has made a prediction that’s capturing attention: Ethereum (ETH) might outshine Bitcoin (BTC) in 2024. Known for his insightful market analyses, Pal’s projection could signify a significant shift in the cryptocurrency landscape.

For all the ETH bears… in Feb 2021, BTC first hit $44,000 (where it is today) and ETH was at $1400 (now $2250), 9 months later ETH was up 245%, BTC was up 45%…

I think ETH outperforming BTC will be a key macro trend of 2024 and our work at EXPAAM suggests it. 1/ pic.twitter.com/QGSZahhldg

— Raoul Pal (@RaoulGMI) December 21, 2023

Read on for more insights.

Throwback to 2021: A Year of Market Dynamics

Pal’s forecast draws from past events, notably the 2021 bull run. During this period, Bitcoin initially had a dominant position. In February 2021, Bitcoin reached $44,000, while Ethereum was at a comparatively lower $1,400. However, by the end of that year, Ethereum’s value surged by 245%, overshadowing Bitcoin’s 45% growth.

Pal believes this shift in 2021 might be a sign of what’s to come. Today, with Bitcoin around $44,000 and Ethereum at $2,300, we see similar patterns emerging.

Ethereum’s Current Market Performance

Recent market data aligns with Pal’s predictions. Even as Bitcoin’s value remains strong at $44,000, Ethereum has seen a notable growth, rising by 4.83% in the last 24 hours to reach $2,336. This rise, coupled with a slight 0.27% dip in Bitcoin’s value, has sparked discussions about Ethereum’s potential leadership in the upcoming bull run.

Pal’s insights go beyond just comparing prices. He emphasizes factors like liquidity and business cycles, highlighting their impact on cryptocurrency trends. As economic cycles change, so does investor behavior, affecting assets like Bitcoin and Ethereum.

Also Read: Ethereum Regains Strength: Breaking This Barrier May Lead the ETH Price To $3,500

Varied Perspectives: Pal vs Brandt

While Pal is optimistic about Ethereum’s future, not everyone shares his view. Peter Brandt, an experienced trader, predicts Ethereum might drop to $650. Yet, Pal’s stance, grounded in historical data and current trends, offers a brighter outlook for Ethereum supporters, setting the stage for an intriguing 2024 in the cryptocurrency world.

Classical chart patterns in price charts are not sacred – they fail to perform according to the textbooks all the time

But, if the rising wedge in Ethereum $ETH complies with the script, the target is $1,000, then $650

I shorted ETH on Friday — I have a protective B/E stop pic.twitter.com/76CciT3PE5

— Peter Brandt (@PeterLBrandt) December 18, 2023

Read Entire Article