Cryptocurrency expert names reasons for Ethereum growth in 2024

Cryptocurrency market analysts note that ethereum ETH $3,446.24 Ethereum -0.78% Market capitalization $414.21 billion VOL. 24 hours $0.55 billion has already rolled back by about 8% from the 2023 high. However, the fundamentals of the leading altcoin are still stable.

on December 20, crypto expert Anthony Sassano published his bullish outlook for ETH in 2024. According to the analyst, there are several catalysts that can help Ethereum surpass even Bitcoin BTC $62,665.25 Bitcoin -0.33% Market capitalization $1.24 trillion VOL. 24 hours $1.31 billion .

Sassano noted that an ETH spot exchange-traded fund could be approved in 2024. However, on December 18, the SEC postponed its decision on the Hashdex Nasdaq Ethereum ETF and the Grayscale Ethereum Futures ETF. Most likely, the agency is exploring the ground with bitcoin products before approving a spot ETP based on ethereum.

The analyst emphasizes that activity on Level 2 has recently increased sharply and is now at a record high. According to L2beat, the total value locked in the Ethereum ecosystem is a record $ 16 billion.

Sassano added that the user experience of wallets «will continue to improve rapidly and millions of new users will join the Ethereum ecosystem.»

As of the morning of December 21, the main altcoin is trading at $ 2,213, which is 0.15% lower than yesterday. The total number of coins circulating on the market is $ 266 billion. Traders made daily trading deals worth $ 13 billion. Ethereum’s dominance in the market has dropped to 16%.