Analysts Expect Unprecedented Performance from Bitcoin and Ethereum in 2024: “The Reason for the Rise is China!”

After a difficult 2022, Bitcoin and altcoins showed a tremendous performance in 2023 and made their investors happy.

Although the largest altcoin Ethereum underperforms compared to Bitcoin in 2023, 2024 may be a good year for ETH.

“2024 Could Be the Year of Ethereum!”

Because Asian analysts think that ETH will perform well in 2024 due to the influence of the Dragon Year, which will start soon.

At this point, in the next few days, East Asia will celebrate the beginning of the year of the dragon, which is considered one of the animals representing luck, abundance and wealth in Chinese mythology.

Speaking to Coindesk, Daniel Wang, co-founder and CEO of information gathering platform Taiko, said, “I think Ethereum will show a good price performance in 2024.” said.

“According to market data, although Ethereum has underperformed throughout 2023, I expect good price performance from Ethereum in 2024, the year of the dragon full of positive energy.

The Year of the Dragon opens new doors for Ethereum, especially with the impact of increased ETF approval expectations.

Ethereum is also on track to achieve lower gas fees and faster transactions with its long-awaited Dencun upgrade. “This situation has a positive effect in terms of price.”

“Bitcoin May Experience an Unprecedented Year!”

Evaluating Bitcoin, Metalpha Senior Analyst Lucy Hu evaluated the impact of the year of the dragon on BTC, stating that the halving event in Bitcoin looks promising in terms of prices.

“Although there is currently a news sell-off effect in the Bitcoin and cryptocurrency market, the year of the Dragon is on track to be one of the best-performing years as inflation is now under control and the Bitcoin halving is taking place this year.

“At this point, we hope that Dragon’s fiery spirit will take the Bitcoin and crypto market to a new dimension never seen before.”

*This is not investment advice.