2024-01-14 17:50:01
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Will Ethereum soon overtake Bitcoin? The crypto world is on the verge of a potentially groundbreaking development: an Ethereum ETF might soon become a reality. This might dramatically change the outlook for Ethereum, the second largest cryptocurrency. This article highlights how recent regulatory advances and upcoming upgrades are reshaping the landscape for Ethereum. Learn why Ethereum is poised to scale new heights and what key elements might fuel this amazing turnaround.
Ethereum ETF Hope gives positive outlook for ETH
Although it was The first application for an Ethereum ETF in the USA on May 7th, 2021 by VanEck, but the potential launch of an ETH ETF has recently sparked considerable interest in the cryptocurrency community.
Because Ethereum, the second largest cryptocurrency by market capitalization, is considered promising candidate for an ETF. Die strong fundamentals, increasing adoption and the established ecosystem of Ethereum make it an attractive investment opportunity for institutional investors.
Following the recent approval of Spot Bitcoin ETFs by the US Securities and Exchange Commission (SEC). The regulatory hurdles for Ethereum ETFs have decreasedwhich has caused ETH prices to rise.
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Several large financial companiesincluding BlackRockFidelity, VanEck, ARK 21Shares, Grayscale und Hashdex, have filed applications with the SEC for Spot Ether ETFs. The US securities regulator must decide on these applications in the coming months some decisions expected by August 2024 become.
Analysts believe that the SEC accepted ETH as a commodity in September due to the prior approval of Ethereum Futures ETFs. This might be interpreted as a good sign for the approval of Spot Ether ETFs. The expectation is that trading spot Ethereum ETFs no earlier than the second quarter of 2024 might begin.
In one Interview on CNBC he said US Securities and Exchange Commission Chairman Gary Gensler, regarding the possible Ethereum ETFs. He emphasized that the approval referred to Bitcoin, as it is a commodity token and not a security. He also gave information that… Ethereum may be classified as a security.
Ethereum Upgrades Further Expand DeFi Market Leadership
Ethereum’s blockchain is also evolving according to the Merge and the switch to the much more energy-efficient proof-of-stake process continuously further. Next are the consensus layer Daneb and the execution view Cancun planned. Through them should Efficiency, security and scalability further optimized become.
This is part of this Proto-Dankshardingwhich through EIP-4844 is introduced. With this the transactions are in „Blobs“ processed to improve scalability. Because in this way you can Transactions transfer more data more cheaply become.
With the EIP-1153 A new communication standard is also to be introduced to facilitate internal and external exchange. Thus, among other things, bidirectional communication be made possible, what Improved flexibility, interactivity and data accessibility. This should pave the way for yet more complex applications enable which on Real-time events can react, while at the same time through the standard dApp interoperability increased becomes.
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Another Ethereum Improvement Proposal (EIP) is EIP-5656which provides the Ethereum Virtual Machine (EVM) with the function MCOPY added. With this will more efficient and cost-effective memory copying possible, which in turn Improved performance of smart contracts and reduced costs.
Added to that is that EIP-6780which the code is regarding “Self Destruct” can destroy itself in order to free Ethereum from unnecessary data garbage. Through this function the Ethereum security further increased become.
The next important dates for testing Ethereum upgrades are just around the corner. The Dencun upgrade is due on January 17th on Goerliam January 30th on Sepolia and on February 7th on Holesky take place.
In addition, discussions regarding the next upgrade are already taking place, which will be… Prague and Pectra is known. An important part of this will be the Dress Up Trees be who the Optimize storage and information access. But also that Protection once morest quantum computers represents a long-term goal.
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New coin wants to lead Bitcoin into a more decentralized and secure future
Also the Bitcoin blockchain undergoes continuous upgradesmaking a difference in the DeFi space through innovative Layer 2 solutions such as Stacks more and more established. Added Bitcoin Minetrixa particularly innovative project that aims to eliminate the danger of increasing centralization of Bitcoin mining To make BTC more decentralized and secure.
So it wants for one Democratization of mining by removing the barriers to entry for small investors. Instead of making large investments in mining hardware and time, users can quickly and easily earn so-called mining credits by owning their coins, which they can use to book mining capacities. This is what it is used for in the context of Tokenization of mining the innovative stake-to-mine process.
The project is still in high demand presales and has raised over $8.4 million. Investors not only benefit from the unique selling point, but also probably from the one that is typical for mining projects Leverage effect and the security of Bitcoin. Already available in presale Staking returns of 77% and Book profits through gradual price increases be earned.
Ethereum price forecast
After Bitcoin recorded a steep price increase of over 147% on hopes of ETF approval, a sell-the-news event followed. However, Ethereum is only up 64% in that same time and ETH therefore offers much more potential, especially with regard to the lower market capitalization.
For this reason too Ethereum has risen more than Bitcoin since January 7th, with the largest cryptocurrency even trading almost 13% below its 12-month high. During the same period, Ethereum only corrected by around 5.4%. While the BTC-ETH ratio was recently at the highs from 2022, a strong correction also began here.
Ethereum is currently still cheap relative to Bitcoin. The implementation of the upcoming upgrades should further fuel optimism for Ethereum. But the bullish environment for Bitcoin and cryptocurrencies in general should also continue positive until 2025 impact.
Added to this is the Prospect of interest rate cuts by the US Federal Reserve, which in turn can help financial markets and therefore cryptocurrencies like Ethereum gain more liquidity. The first interest rate cuts will come from the markets for the March and even more likely May.
Nevertheless, Ethereum, like other cryptocurrencies, is a bit overheated, so one natural correction would only be healthy and can even attract more investors through a more attractive risk-reward ratio. The price drop might up to the $2,100 or even $1,600 range go, so the upward trend would still be intact.
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About the author: Simon Feldhusen came into contact with the stock market for the first time 17 years ago and has been intensively involved in the topics of trading, cryptoassets, stocks, P2P, corporate financing, finance and entrepreneurship on a daily basis for more than 8 years. He has also been working as a copywriter and ghostwriter in the financial sector for several years. During this time he has acquired a diversified knowledge through various training courses on the financial markets and following daily news. Since then, not a day goes by without him dealing with the markets. He publishes, among others, for Finanz.net, ETF-Nachrichten.de, Coincierge.de, P2E-News.com, Ariva.de and News.de.
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