2023 was not particularly Ethereum’s (ETH) best year. Although the second-largest cryptocurrency rallied almost 90%, other altcoins, such as Solana (SOL) and Avalanche (AVAX), were miles ahead. SOL’s price went up by nearly 1000% in 2023. AVAX, on the other hand, saw an increase of over 200%. However, things may change for ETH in 2024, as there is a possibility that the project could surge to new heights.
Also Read: Ethereum to “Easily” Rally 350% and Hit $10,000: Predicts Analyst.
Ethereum (ETH) to hit $10,000 in 2024?
One of the biggest drivers for ETH’s price would be a bull run for the crypto market. Analysts anticipate a bull market in 2024, fuelled by the SEC‘s (Securities and Exchange Commission) possible approval of a spot Bitcoin (BTC) ETF (Exchange Traded Fund) and BTC’s halving event in April. Both developments could usher in a 2021-like bull run for the crypto market. In such a scenario, BTC might hit a new all-time high. If BTC reaches a new peak, ETH is likely to follow.
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The second factor that could send Ethereum (ETH) to $10,000 is the possibility of an ETH ETF. The world’s largest asset manager, BlackRock, is among the interested parties. Moreover, the SEC has accepted ETH as a commodity. Hence, an ETH ETF approval could be smooth sailing for the industry.
Another aspect to consider is that an Ethereum (ETH) rally is long overdue. Other altcoins, such as Solana (SOL), Avalanche (AVAX), Cardano (ADA), etc., rallied hard towards the end of 2023. ETH, however, kept calm. Hence, we may see a late rally for the second-largest cryptocurrency.
Ethereum (ETH) is also one of the most-used networks right now. The project dominates in terms of applications and adoption. This metric will play a vital role in ETH’s journey to $10,000.