JP Morgan Forecasts Ether to Outperform Bitcoin in 2024: Protodanksharding boost for ETH

<p>JP Morgan are forecasting Ether to outperform Bitcoin in 2024.</p><p>Suggesting this will be due to underperformance by BTC:</p><ul><li>the bitcoin halving event in 2024 is likely already factored into the current market price (I <a href="https://www.forexlive.com/Cryptocurrency/heres-why-crypto-analysts-tip-btcusd-at-us50000-next-year-spoiler-halving-coming-20230424/" target="_blank" rel="follow">posted on this here</a>)</li><li>the impact of the halving on Bitcoin supply is predictable and priceable</li><li> the production cost for Bitcoin mining could rise from about $22,000 to around $44,000 post-halving</li><li>a potential 20% drop in the hash rate and the market exit of miners with higher overheads</li></ul><p>While for Ethereum:</p><ul><li>anticipated EIP-4844 upgrade, known as “Protodanksharding” which is expected to enhance Ethereum’s throughput and fees significantly</li><li>Protodanksharding is expected to take place during the first half of 2024</li></ul><p>*** </p><p>Interestingly JPM is wary of the impact of the potential approval of a spot Bitcoin ETF</p><ul><li>might not attract fresh capital into the crypto market</li><li>could shift capital from existing Bitcoin products, like the Grayscale Bitcoin Trust and Bitcoin futures ETFs, into the spot products</li><li>could exert downward pressure on bitcoin’s price if funds exit the market instead of moving into other bitcoin instruments</li></ul><p>***</p><p>Anyway, well done to the JPM analysts for even surviving within the bank. The big boss is not a fan of crypto:</p><ul><li><a href="https://www.forexlive.com/Cryptocurrency/jp-morgan-ceo-dimon-urges-crypto-ban-id-close-it-down-20231206/" target="_blank" rel="follow">JP Morgan CEO Dimon urges crypto ban: 'I'd close It down'</a></li></ul>

This article was written by Eamonn Sheridan at www.forexlive.com.