Analysts name the token that will surpass bitcoin in 2024

A team of JPMorgan analysts led by Nikolaos Panigirtzoglou has released its forecasts for the future of the main altcoin. Experts believe that the next year will be marked by ethereum, and ETH $1,603.49 Bridged Ether (StarkGate) 0.89% Market capitalization $0.14 billion VOL. 24 hours $0.31 billion will grow by a higher percentage than BTC $85,398.40 Bitcoin 0.95% Market capitalization $1.7 trillion VOL. 24 hours $0.63 billion .

According to Nikolaos Panigirtzoglou, the main altcoin has a big trump card — the EIP-4844 update or the launch of «protodunksharing.» This is the first phase of dunksharing support by the Ethereum network: «We believe that next year, Ethereum will reassert itself and regain market share in the crypto ecosystem. The main catalyst will be the EIP-4844 update, which is expected to take place in the first half of 2024. This update should be a big step towards improving the scalability, performance, and activity of the ETH network.»

Dunksharding is a lighter version of sharding. Instead of completely splitting the Ethereum network into separate sharding networks, dunksharing technology creates temporary «data bubbles» that are «attached» to blocks and store a significant amount of data, but only for the required period of time.

In addition to the success of the ETH, JPMorgan analysts expect the entire cryptocurrency industry to grow due to the bitcoin halving next spring and the approval of cryptocurrency spot ETFs in the United States. However, they urge caution when investing in cryptocurrencies. Especially when working with DeFi projects. Panigirtzoglou called the decentralized finance industry the biggest disappointment due to its inability to compete with the traditional financial sector.

It is worth noting that the Ukrainian developer’s cryptocurrency is predicted to grow beyond Ethereum. Asset management company VanEck shared this forecast for Solana.

The Solana blockchain is positioning itself as a faster and more cost-effective option to Ethereum. However, ETH remains the leading choice for NFT markets and decentralized financial applications. This may change significantly next year, as asset management company VanEck has predicted that Solana will be among the top three blockchain networks by market capitalization.