Ethereum Expected to Outperform Bitcoin by 2024 Says JPMorgan

By: Isha Das

Analysts at JPMorgan have anticipated Ethereum (ETH) to surpass Bitcoin (BTC) and other digital currencies in market price performance by 2024 due to the Ethereum's blockchain upcoming EIP-4844 upgrade, known as Protodanksharding.

This upgrade is expected to bring about significant improvements in Ethereum's network activity and reestablish its prominence within the cryptocurrency ecosystem. Protodanksharding introduces data blobs, which can hold more data than blocks but are not permanently stored or accessible by the Ethereum virtual engine while bypassing the tedious procedure of dividing Ethereum into several shard chains.

JPMorgan's optimistic forecast aligns with Standard Chartered's, predicting Ether to experience a 400% surge within a few years, followed by a more sustained upward movement towards $35,000. Analysts noted, Layer 2 networks like Optimism (OP) and Arbitrum (ARB) would be the biggest beneficiaries of the upgrade.

Meanwhile, Ethereum has been trading at $2,281 up by 5.0% in the last 24 hours, outperforming Bitcoin which was being traded at $42,910 with a 2.3% increase.