News - JPMorgan expects outperformance in 2024

By Luc Vesters

JPMorgan expects outperformance in 2024

JPMorgan is cautious about 2024 when it comes to cryptocurrencies. According to a recent report Would the approval of the Bitcoin ETF to become a "sell-the-news event." According to the report, analysts expect moderate Bitcoin price gains as a result of the ETF. Instead, the second largest cryptocurrency would , Ethereum, may outperform Bitcoin next year.

The "excessive optimism" of crypto investors, based on the upcoming ETF adoption, has led to similar "oversold levels" last seen in 2021, according to the report. Bitcoin's halving is also "largely priced in," they added.

Ethereum, on the other hand, would shine through the upcoming EIP-4844 update, the bank said. The update will go a long way toward scaling the network. It should significantly improve transaction costs and blockchain speed.

However, the bank was also cautious about DeFi adoption. Some industry improvements were acknowledged. However, the "biggest disappointment" remains "DeFi's inability to intervene in the traditional financial system." However, this is necessary for "the transformation of the ecosystem, from pure crypto to real-world applications."

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