Will Ethereum Dethrone Bitcoin in 2024?

Raoul Pal, the founder of Global Macro Investor, has made a bold prediction that Ethereum (ETH) will surpass Bitcoin (BTC) in performance by 2024. Pal’s assertion is based on Ethereum’s impressive growth in 2021, where it rose by 245% compared to Bitcoin’s 45% increase.

Pal’s forecast stems from analyzing past market dynamics, particularly the 2021 bull run. Initially, Bitcoin held a dominant position, reaching $44,000 in February 2021, while Ethereum lagged behind at $1,400. However, by the end of the year, Ethereum’s value surged, overshadowing Bitcoin’s growth.

Pal believes this shift in 2021 could be indicative of future trends. Currently, with Bitcoin priced at around $44,000 and Ethereum at $2,300, similar patterns are emerging.

Recent market data supports Pal’s predictions. While Bitcoin’s value remains strong, Ethereum has experienced notable growth, rising by 4.83% in the last 24 hours to reach $2,336. This upward trend, combined with a slight dip in Bitcoin’s value, has sparked discussions about Ethereum potentially taking the lead in the upcoming bull run.

Pal’s insights extend beyond price comparisons. He emphasizes the importance of factors such as liquidity and business cycles, highlighting their influence on cryptocurrency trends. As economic cycles evolve, investor behavior changes, impacting assets like Bitcoin and Ethereum.

However, not everyone shares Pal’s optimism for Ethereum’s future. Experienced trader Peter Brandt predicts a potential drop in Ethereum’s value to $650. Despite this contrasting perspective, Pal’s analysis, backed by historical data and current trends, paints a brighter picture for Ethereum supporters, setting the stage for an intriguing cryptocurrency landscape in 2024.