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Cryptocurrency News Articles
Q4 2024 Outlook: Favorable Conditions for Bitcoin Growth, Ethereum Faces Headwinds Despite Spot ETF Launch
Sep 30, 2024 at 04:47 am
Coinbase Institutional's latest report signals a positive outlook for Bitcoin in the fourth quarter of 2024, buoyed by favorable economic conditions.
Coinbase Institutional is presenting a positive outlook for Bitcoin in the fourth quarter of 2024, with favorable economic conditions setting the stage for a strong quarter for the leading cryptocurrency.
The institutional arm of Coinbase anticipates that Bitcoin will perform well in Q4 thanks to U.S. interest rate cuts and China’s substantial monetary stimulus. This combination of supportive policies is expected to boost Bitcoin's value and contribute to a strong quarter for the cryptocurrency.
Coinbase Institutional's latest report, co-authored by David Duong, Head of Institutional Research, and David Han, Institutional Research Analyst, highlights two key economic factors that are expected to influence Bitcoin's performance in the upcoming months.
According to the report, Q4 is shaping up to be a promising period for Bitcoin and other high-beta crypto assets, thanks to favorable macroeconomic conditions.
Coinbase Institutional’s analysts are optimistic about Bitcoin’s prospects for the remainder of the year, anticipating a strong performance in Q4 as a result of these economic conditions.
The report also discusses the varying performance of crypto assets and the factors affecting their relative strengths and weaknesses in the market. While some assets experience greater volatility and hızlı price movements, others exhibit a more gradual and sustained appreciation in value.
This varying performance highlights the dynamic nature of the crypto market and the diverse strategies employed by different crypto assets to navigate the competitive landscape. Some assets prioritize hızlı price movements to attract attention and traders, while others focus on building a strong foundation and ecosystem to sustain long-term growth.
While Bitcoin's outlook appears promising, Ethereum is facing challenges in gaining similar momentum. The report notes that rising transaction fees on the Ethereum network, driven by increasing on-chain activity and demand for decentralized exchange (DEX) services, are impacting the asset's performance.
Despite the launch of spot Ethereum ETFs in the U.S., the asset has not experienced the same level of excitement as Bitcoin. Analysts attribute this disparity to Ethereum's ongoing challenges with network efficiency and scalability, as opposed to Bitcoin, which benefits from being the leading crypto asset and the institutional interest in crypto is mainly driven by Bitcoin's performance.
“Although many market participants are bullish on BTC, there remain a few skeptics on ETH, as the token has not significantly benefited from the launch of spot ETH ETFs in the U.S. over two months ago.”
In contrast to Ethereum's struggles, newer blockchain networks like Solana are attracting attention with their expanding ecosystems, featuring new product launches and partnerships that cater to the growing demand for faster and more cost-effective transaction solutions.
Despite these challenges, the broader crypto market is experiencing a period of optimism, with layer-1 networks, DEXs, and advances in blockchain infrastructure contributing to the overall growth of the industry.
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