Will Ethereum surpass Bitcoin in 2024? Institutional investors around the world are all watching -

JPMorgan expects that in 2024 Ethereum will be more efficient than Bitcoin, including other coins, due to the upgrade to EIP-4844: Proto-Danksharding, which is expected to take place in the first half of 2024.

The Ethereum community has agreed to the proposal to upgrade Ethereum ERC-3643 (EIP) to become the standard for creating tokens for Real World Assets such as real estate, art, financial products, payment systems, and loyalty programs.

The U.S. SEC has delayed its decision on whether to approve or disapprove the spot ETH ETF proposed by Invesco and Galaxy Digital, extending the period by another 45 days to February 6, 2024, which is the date the commission will approve or disapprove.

Bitwise revealed that Bitcoin is likely to reach a new all-time high of $80,000 in 2024, and in the same year, spending through Stablecoins will have a higher value than Visa, the payment giant. In the third quarter of 2023, Visa processed more than 9 trillion dollars in payments, while the trading volume of Stablecoins was at 5 trillion dollars.

Matrixport predicts that the crypto market in 2024 will still be on an uptrend even without a Bitcoin Spot ETF, whether it comes from the occurrence of Halving, increased liquidity in the financial market, the possibility that Donald Trump might be re-elected as the President of the USA, and profits from holding US government bonds may flow into risk assets such as stocks and Bitcoin.

Google has changed its digital asset advertising policy, now allowing ads related to crypto trust funds, amid analysts’ predictions that a spot Bitcoin ETF fund will be approved in January 2024, effective from January 29, 2024.

S&P Global assessed the stability of all 8 Stablecoins by considering their ability to maintain their Peg at 1 dollar. Coins like Gemini (GUSD), Pax (USDP), and USD Coin received the highest scores, while Tether received the lowest scores due to a lack of transparency in disclosing its reserve assets.

Fortune Business Insights forecasts that the global market value of Blockchain Games is likely to grow rapidly, potentially reaching about 614 billion dollars within the next 7 years or by 2030. This forecast represents a nearly 300% growth from the current market value of 154 billion dollars.

Yat Siu, co-founder of Animoca Brands, revealed that more than 100 million gamers will enter the world of Blockchain Games in 2024, with Asia leading this market due to open regulations and high acceptance of NFTs as a driving force.

Worldcoin launched a new feature, “World ID 2.0,” in collaboration with Shopify, Mercado Libre, Reddit, and Telegram, allowing users to prove their humanity on these platforms.

Weekly Technical Analysis: 19-25 December 2023

Bitcoin (BTC)

BTC experienced a sharp decline, but it has not yet made a new low below the $40,200 level. This week, keep an eye on this support level; if it does not hold, it could jeopardize the recovery trend. However, if it holds, there is a short-term resistance at $42,000. If surpassed, it could recover and retest the $44,000 level once again.

Support: 1,400,000 THB, Resistance: 1,540,000 THB

Ethereum (ETH)

ETH also saw a strong pullback, but if it can maintain support at $2,140, the short-term uptrend remains intact and this level can be used as a point to buy. However, if it fails to break through the resistance at $2,250, the recovery trend may not occur.

Support: 74,000 THB, Resistance: 81,000 THB

Worldcoin (WLD)

WLD increased by 65.98% over the past week. However, due to the rapid price increase, more caution is needed in trading. The trading strategy is to ‘Buy On Dip,’ waiting to buy around 125 THB. If it does not hold, postpone investing. The profit-taking point is at the previous high of 170 THB.

Support: 125 THB, Resistance: 170 THB

Alpha Venture DAO (ALPHA)

ALPHA increased by 34.73% over the past week but experienced a sharp pullback, requiring caution due to increased volatility. If it drops below 4.50 THB, postpone investing. If it fails to break through the resistance at 7.0 THB, the trend may return to Sideways.

Support: 4.5 THB, Resistance: 7.0 THB

Trading and Investment Considerations For The Week

The U.S. inflation figures for November came in at 3.1%, in line with market expectations, and therefore did not significantly impact the market. However, the revelation from the Federal Reserve’s monetary policy meeting was a surprise, announcing that there will be three interest rate cuts next year, up from the previously announced two. This is good news for the market.

This week, on Thursday, December 21, the U.S. GDP figures for the third quarter will be announced. The market is expecting a growth of 5.2%, higher than the 2.1% growth in the previous quarter. If the figures are in line with expectations, it could positively impact the crypto market by reducing concerns that the U.S. economy may enter a recession.

The Bitcoin Dominance Index remains stable without increasing, while the Total3 index, which covers other Altcoins excluding BTC and ETH, continues to rise. This suggests that Bitcoin is underperforming compared to Altcoins during this period. However, it cannot yet be called an Altcoin Season, as only a few groups of Altcoins have shown good returns.

Coins in the Blockchain Layer1 group have performed well over the past week due to news of new project updates, alternating with Meme Coins, which have risen for speculative trading. In the short term, focus on coins in the Blockchain Layer1 group. Bitcoin is still seen as having the potential to continue rising, but near the $50,000 mark, it may be used as a point for profit-taking.

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