VanEck Predicts Ethereum to Outdo Bitcoin by 2024

• VanEck Forecasts the Cryptocurrency Landscape of 2024
• Ethereum's Potential and Limitations
• Bitcoin's Continued Dominance
• Bitcoin Mining in Argentina
• Ethereum's Outlook
• Ethereum vs Bitcoin
• Predictions for Other Cryptocurrencies

VanEck Forecasts the Cryptocurrency Landscape of 2024

Investment firm VanEck recently released a comprehensive report containing 15 projections for the cryptocurrency landscape of 2024. One major point of discussion in the report revolves around the potential of Ethereum$2,315 -2.42% to surpass Bitcoin$42,260 -0.64%.

Ethereum's Potential and Limitations

The report suggests that Ethereum may not achieve the speculated "flippening" over Bitcoin in the following year despite its strong performance. The dominant position of Bitcoin in terms of market capitalization is expected to endure.

Bitcoin's Continued Dominance

Bitcoin's clear regulatory status and high energy consumption are forecasted to draw attention from quasi-state entities in regions like Latin America, the Middle East, and Asia. There's also the potential for Bitcoin to garner state-level support from nations such as Argentina.

Bitcoin Mining in Argentina

The report indicates an emerging interest in Bitcoin mining from Argentina, the fifth country to sponsor Bitcoin mining on a state level. This interest comes through its state-owned energy company, YPF.

Ethereum's Outlook

Despite the predicted limitations, the report is optimistic about Ethereum's future. It is projected to outperform mega-cap tech stocks significantly. This surge is expected to occur post-halving, when Bitcoin miners' rewards are reduced by half, typically triggering a renewed surge in the price of Bitcoin and subsequently benefiting altcoins.

Ethereum vs Bitcoin

However, even with major stock outperformance, Ethereum is not expected to overtake Bitcoin as the speculation of "flippening" suggests. There is a possibility that ETH could become more valuable in terms of daily trade volume, but Bitcoin is still anticipated to maintain its lead in market cap.

Predictions for Other Cryptocurrencies

The report also highlights that Ethereum may lose ground to other smart contract platforms like Solana$104 5.03%, which have clearer scaling roadmaps. Other predictions within the report include the possibility of Bitcoin reaching a new high in 2024 and a revival in NFT activity among others.

Edited by Jonathan Stoker