Ethereum (ETH) may overtake Bitcoin (BTC) in 2024, at least that is the prediction of asset manager VanEck. Matthew Siegel, head of digital assets at VanEck, sees an optimistic outlook for ETH's future despite the challenges surrounding the immediate launch of the Ethereum ETF. Could we see the flop this year?
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Ethereum flipping in 2024
Despite the fact that the Ethereum spot ETF is taking a long time and the SEC, as is often the case, is taking its time, the sentiment around Ethereum remains bullish. The reason for this lies not only in the attractiveness of Ethereum as the largest altcoin, but also in the cyclical patterns that cryptocurrencies often follow. With a major event like the Bitcoin halving on the calendar for April this year, Ethereum is expected to perform excellently against BTC, as has been the case in previous cycles.
VanEck's Matthew Siegel asserts that despite the so-called flip-flop – where Ethereum will overtake Bitcoin as the largest cryptocurrency – ETH is unlikely to overtake BTC:
“In the medium term, ETH usually outperforms BTC in half the year, right? So I don't want to see the forest for the trees. I don't think there will be volatility, but I think that when the year is over, ETH will outperform BTC.” Siegel said To Cryptoquant
Impact of Ethereum ETFs
The SEC's slowness in making a decision on Ethereum ETFs from heavyweights like BlackRock and Fidelity is reminiscent of the previous lawsuit over Bitcoin ETFs. The US government is reluctant to involve banks and brokers in cryptocurrencies, which poses a major obstacle to the development of cryptocurrencies. Related ETFs.
At the same time, it also means that we still have no clarity on the potential arrival of Ethereum ETFs. However, it was announced earlier this week that discussions are ongoing between the SEC and a number of asset managers, which is a positive development.
The SEC must make a decision in May. It is impossible to predict at this time what the SEC will say.
The impact of Ethereum ETFs is likely to be huge, just like the arrival of Bitcoin ETFs. In any case, Ethereum's future looks very bright, although a flip seems very unlikely in 2024.
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