Ethereum (ETH), which has shown relative weakness this year, is expected to outperform Bitcoin (BTC) next year, according to analysis.
Steno Research has projected that Ethereum (ETH) will perform better than Bitcoin (BTC) in 2024. In its research report, the firm anticipates that Ethereum's price will more than double, rising from $3,400 to $8,000. Steno also predicts a significant increase in the relative value of Ethereum to Bitcoin (ETH/BTC), rising from 0.0357 to 0.06.
Steno's analysis suggests that this trend will be similar to the price movements observed in previous cycles. At the time of the report, ETH/BTC was trading at 0.03603 on Binance.
Steno's report further highlights the impact of the upcoming US presidential election on cryptocurrency markets. The firm believes that a victory for President-elect Trump will be more favorable to altcoins than Bitcoin.
According to cryptocurrency analyst Maz Eberhardt, this scenario could lead to a decrease in Bitcoin dominance, defined as the percentage of the total cryptocurrency market capitalization occupied by Bitcoin. Eberhardt anticipates that Bitcoin dominance will decline from the current 56.6% to 45%.
This shift in market dynamics may result in the dispersal of funds concentrated in Bitcoin into altcoins, potentially sparking an altcoin rally, as suggested by Eberhardt.
Steno's analysis also anticipates an unprecedented level of institutional investor adoption of cryptocurrencies in 2024.
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