Ethereum Could Outperform Bitcoin in 2024, Research Firm Says

Ethereum could outperform Bitcoin in 2024 as it capitalizes on its technological advances and a unique position as a leading smart contract platform, says ETC Group.

The Ethereum network’s deflationary burn mechanisms and the attraction of its staking yields are behind the prediction in a recent report by head of research André Dragosch

Dragosch anticipates a mean reversal for the Ethereum price that will see it return to its average relative performance against Bitcoin.

Ethereum May Outperform Bitcoin By 100% In 2024

Ether to Bitcoin‘s 12-months relative performance has historically shown a strong tendency to mean revert, he said, adding that, except for 2023, Ethereum has consistently outperformed Bitcoin since its debut in July 2015.

“At the time of writing, ETH has underperformed BTC by –27% over the past 12 months,” he said. “Based on historical performance patterns, such a stark underperformance was historically associated with a subsequent 12-months forward outperformance of approximately +100%.”

Also Read:

  • Ethereum Price Prediction: ETC Group Says ETH Could Outperform Bitcoin In 2024, But These Two Rising Stars May Be The Best New Meme Coins To Buy In 2024
  • Bitcoin Price Prediction: Former Goldman Sachs Exec Sees ”Crazy” Target For BTC As This Bitcoin Alternative Surges Past $6.5 Million Raised
  • Crypto Analyst Conor Kenny Reviews a Bitcoin Mining Platform with a Revolutionary Stake-to-Mine Mechanism

Comments

Post a Comment

Popular posts from this blog

Dogecoin Price Prediction for Today, November 11—DOGE Technical Analysis

Image
Dogecoin (DOGE) has recently achieved a three-year high, currently trading at $0.28. The meme coin has overtaken both XRP and USDC, rising to the sixth-largest cryptocurrency by market capitalization. DOGE Key Statistics Current Price: $0.28 Market Cap: $40.58 billion Trading Volume (24h) : $18 billion Circulating Supply: 146.7 billion DOGE Total Supply: 146.7 billion DOGE CoinMarketCap Ranking: #6 DOGE’s performance has been exceptional, with a 151% increase over the past month and an impressive 84% rise in the last week alone. DOGE’s recent price action has seen it rise above $0.23, a level not seen since November 2021, and the coin now targets the $0.30 level as it maintains upward momentum. This strong momentum could put DOGE on a path to retest its all-time high of $0.7376, reached in May 2021. DOGE/USD Market Analysis Key Levels Resistance : $0.30, $0.35, $0.40 Support : $0.25, $0.22, $0.20 DOGEUSD – Daily Chart In the DOGEUSD daily chart...
Read more

Silver Trends Amid Gold's Price Hike: Why is Silver Rising?

Image
Silver is also experiencing a notable price hike amid the recent gold rush. The metal has finally broken its consolidation phase, embracing bullish momentum and pace.  Silver has long been stuck in a consolidation phase, portraying a reluctant stance on its price threshold. However, with the growing demand and the metal’s prestige growing stronger, the price of silver has finally broken past several resistance levels to reach $27.3 at press time.  Also Read: Currency Wars: Declining USD Bolsters Prospects for Gold and Silver Why is Silver Rising?  Image Source: Unsplash The financial markets around the world are undergoing a dynamic shift. With user sentiment shifting towards accumulating robust metals as a hedge against inflation, the prices of gold and silver are touching new highs.  Silver is up $27 an ounce, while gold price sits at the $2300 threshold. The demand for these metals has grown tremendously as users are now transitioning tow...
Read more

Bitcoin Loses Crucial Support, Poised For Return To $54,000 – Analyst

Image
The price of Bitcoin has maintained a consistent decline over the past week following several economic and market developments. According to data from CoinMarketCap, the premier cryptocurrency currently hovers around the $60,000 price zone, having lost over 11.17% of its market value in the last seven days. As many crypto enthusiasts may hope Bitcoin finds some stability soon, CryptoQuant analyst abramchat has predicted a reverse scenario, indicating the crypto market leader may experience more losses in the coming days. Related Reading Wondering When To Buy Bitcoin? Here Are The Levels To Watch 15 hours ago Bitcoin Price Far From Recovery?  In a Quicktake post on CryptoQuant, abramchat stated that amidst the recent market downturn, Bitcoin has now lost a vital short-term support at the $64,580 price mark, which represents the average pr...
Read more