- Ethereum outperforms Bitcoin in 2024 amid speculation on spot ETF approval.
- Analyst predicts Bitcoin will reach $88K by the end of 2024
- Ethereum’s surge is led by ETF speculation and the Dencun upgrade, according to analyst.
Senior Crypto Research Analyst at Bitwise, Ryan Rasmussen, predicted Bitcoin would reach $88K by the end of 2024 in a recently released interview with Yahoo Finance. In Bitcoin’s recent surge, the crypto reached its highest level in over two years, breaking above the $57,000 mark. However, the interview highlighted how, year to date, Ethereum “has managed to outperform its larger crypto rival.”
Rasmussen stated that Bitcoin benefits from excitement around the upcoming halving event and bullish futures trading positions. However, the analyst believes that Ethereum is bullish due to the anticipation around the Dencun upgrade in March, which is driving “a lot of excitement.” The upgrade is reportedly expected to lower transaction costs.
Despite the optimism, the analyst highlighted that the Bitcoin ETFs weren’t approved easily. Rasmussen agreed with the host, who said that the U.S. Securities and Exchange Commission’s Chair, Gensler, “didn’t want a spot Bitcoin ETF. He was dragged into it.”
Furthermore, the analyst claimed that the Grayscale lawsuit benefited ETF issuers and led to their approval. However, the analyst believes that won’t be the case for Ethereum. He added, “This May, I think it’s about a 50% chance that we’ll see approval or we’ll see rejection.”
Additionally, Rasmussen stated that the crypto market is “rising from the ashes of the 2022 market.” The analyst pointed out Solana, saying that the crypto had a strong 2024. Moreover, the analyst claimed that a resurgence in NFT trading volume added to the bullish sentiment.
The introduction of Bitcoin ETFs has already demonstrated their impact on the market, with over $15 billion flowing into spot Bitcoin ETFs. Rasmussen expects a similar demand for Ethereum ETFs, which will drive the buying pressure on the underlying asset and potentially push prices higher.
Looking ahead, Rasmussen maintains a bullish outlook, projecting Bitcoin to reach $88,000 by the end of 2024.
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