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2024 looks to be a big year for crypto investors. The market is rising and the new bitcoin ETFs are having a major influence on the price of crypto. The price of bitcoin (BTC) is steadily rising and this affects many other coins. In an interesting article, crypto journalist David Moadel makes predictions about the coming year.
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2024 seems to be a big year for bitcoin. The coin has already broken its previous all-time high (ATH) of $69,000 (dating from November 2021) twice. According to Moadel, the same fate seems to be set for Ethereum (ETH).
There are two reasons why Bitcoin is rising again towards its all-time high: the approval of BTC exchange trading funds (ETFs) and the upcoming halving. These reasons are further explained below. First of all, it is important to see why the price of BTC seems to be on the rise. Why Ethereum appears to be following suit will be explained later.
Bitcoin’s rise has several reasons
The US Securities and Exchange Commission (SEC) approved spot bitcoin ETFs at the beginning of this year. These are listed funds that invest in bitcoin. Investors can invest in bitcoin through a spot bitcoin ETF without having to worry about safely storing the crypto. This makes investing in crypto a lot more accessible.
In addition, a halving takes place approximately every 4 years. It is not certain when this will happen, but it can be calculated. The next halving is expected on April 20. The halving means that bitcoin mining, the process in which new bitcoins are created, yields half as much. During the upcoming halving, the block reward for miners will be reduced from 6.25 to 3.125.
As a result of the adoption of spot bitcoin ETFs, the value of the first cryptocurrency increased. The bitcoin price is also doing very well due to the expected halving. The anticipation of the halving has caused bitcoin to already achieve a new ATH before the halving. This has never happened before. In the past, price increases were unleashed after the halving.
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Ethereum appears to be following suit
It seems only a matter of time before the SEC approves spot Ethereum ETFs as well. The catalyst that caused BTC to rise sharply earlier this year appears to have at least the same effect on ETH. As a result, Moadel expects that Ethereum will follow its bigger brother in this regard. At $1,000 below its ATH, the coin still has a long way to go.
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