With the Bitcoin Halving 2024 event on the horizon, all eyes are on Bitcoin, the leading cryptocurrency, while Ethereum seems to have taken a backseat in the current market trend. Despite this, experts, analysts, and those familiar with the crypto space recognize that Ethereum, the second most popular cryptocurrency, still holds great potential and could play a significant role in the future.
As the halving event draws near, discussions within the crypto community are growing louder about Ethereum’s potential to surpass the $10,000 mark post-event. Many predictions suggest that Ethereum’s price will experience significant growth in the upcoming crypto cycle.
However, unlike the more concrete prediction of Bitcoin reaching $150,000 post the 2024 halving, these Ethereum price predictions lack solid data or evidence to explain the exact trajectory of Ethereum’s value.
In this article, we delve into the possibility of Ethereum breaking the $10,000 barrier and explore the factors that could contribute to this after the upcoming Bitcoin halving event.
Factors That Could Send ETH Above $10,000
There are several key factors that support the idea of Ethereum reaching $10,000 or more, some of which are outlined below.
Ethereum-Bitcoin (ETH-BTC) Price Correlation
Historically, the price of Ethereum has closely followed the price movements of Bitcoin due to Bitcoin’s dominant position in the cryptocurrency market. Both assets are heavily influenced by speculation rather than utility, and as Bitcoin’s price rises, it often drives up the price of Ethereum due to their shared ecosystem.
Another significant factor is the trading dynamics between Ethereum and Bitcoin, where the prices of these assets affect each other in the market. When Bitcoin’s price rises, Ethereum becomes cheaper against Bitcoin, and vice versa, impacting their price correlation.
BTC-USD vs ETH-USD – PortfoliosLab
However, recent technical differences between the two blockchain networks have made this correlation less reliable. While Bitcoin has seen a price surge of over 133% in the past year, Ethereum has only gained 87% according to data from PortfoliosLab. This divergence is evident in Ethereum’s lagging performance compared to Bitcoin.
The Pump Followed By Bitcoin Breakout
Given Ethereum’s tendency to follow Bitcoin’s price movements, a significant rise in Bitcoin’s price could push ETH to new highs. Speculations about Bitcoin’s price reaching $150,000 suggest a possible surge of 160%, with Ethereum’s price also likely to hit $10,000 due to their market correlation, representing a potential increase of over 200% from its current value.
Liquidity rotation during market peaks often sees profits shifting between major assets, and with substantial profits in Bitcoin, there is a chance that these funds could flow into Ethereum, driving ETH’s price beyond $10,000.
Potential Ethereum ETF Approval
Following the approval of spot Bitcoin ETFs, there was optimism within the crypto community regarding the approval of spot Ethereum ETFs. However, concerns have arisen after statements from VanEck’s CEO casting doubt on the approval of an Ethereum ETF. Despite this, analysts suggest a 50 to 60% chance of SEC approval for an ETH ETF due to Ethereum’s appeal to traditional investors and its utility in real-world applications.
While bullish predictions for the 2024 bull run abound, some reports suggest that Ethereum may outperform Bitcoin in the upcoming year. Supported by solid research, this notion raises the question of whether Ethereum could indeed surpass Bitcoin’s performance.
Will ETH Outperform BTC in 2024
In the volatile crypto market, there is a possibility of Ethereum outperforming Bitcoin in terms of gains. In 2021, ETH significantly outperformed BTC, highlighting its potential for growth based on various use cases and unique features compared to Bitcoin. While Ethereum may excel in periodic price gains, Bitcoin’s market cap and price currently far exceed that of Ethereum.
Conclusion
The Bitcoin halving event serves as a catalyst for the broader cryptocurrency ecosystem, impacting not just Bitcoin but also Ethereum, the second-largest blockchain and crypto asset. With expectations of record highs in the crypto market in the coming months, Ethereum is poised to achieve a new all-time high, potentially surpassing the $10,000 mark.
Also read: Bitcoin Halving Two Weeks Away: Countdown Begins
FAQs
Will ETH price reach $10,000 in 2024?
There is a chance that ETH could reach $10,000 in 2024, especially following a potential breakout in Bitcoin’s price post-halving.
How far could Ethereum’s price go in 2024 and 2025?
While there is potential for Ethereum to reach $10,000 in 2024, it may experience significant gains following Bitcoin’s price surge post-halving.
Does Bitcoin halving impact Ethereum price?
Yes, the Bitcoin halving often has positive outcomes on Bitcoin’s price, which can then impact Ethereum’s price as well, leading to a correlated price movement between the two assets.
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- Source: https://cryptoinfonet.com/bitcoin-news/is-a-10000-ethereum-possible-following-the-2024-bitcoin-halving-the-crypto-times/
