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Ethereum could outperform Bitcoin in 2024 as it capitalizes on its technological advances and a unique position as a leading smart contract platform, says ETC Group.
The Ethereum network’s deflationary burn mechanisms and the attraction of its staking yields are behind the prediction in a recent report by head of research André Dragosch
ETH could potentially outperform Bitcoin due to its technological advancements and smart contract dominance, says ETC Group's Head of Research. 📈
Do you think $ETH will outperform $BTC in 2024? 🤔
Share your thoughts in our poll! 📊#BULLRUN2024 #Bitcoin #Ethereum
— tastycrypto (@tastycrypto) December 27, 2023
Dragosch anticipates a mean reversal for the Ethereum price that will see it return to its average relative performance against Bitcoin.
Ethereum May Outperform Bitcoin By 100% In 2024
Ether to Bitcoin‘s 12-months relative performance has historically shown a strong tendency to mean revert, he said, adding that, except for 2023, Ethereum has consistently outperformed Bitcoin since its debut in July 2015.
“At the time of writing, ETH has underperformed BTC by –27% over the past 12 months,” he said. “Based on historical performance patterns, such a stark underperformance was historically associated with a subsequent 12-months forward outperformance of approximately +100%.”
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