Saturday, February 24, 2024

Ethereum Revenue to Soar in 2024, Doubling to $5 Billion, Says Bitwise.

In addition to being Bitcoin’s year, 2024 will affect Ethereum’s pricing and network. However, the introduction of Decentralized Finance (DeFi) is expected to effect the market by boosting network operations and finances.

Revenue from Ethereum Doubles in 2024
World’s largest crypto index fund manager Bitwise Asset Management released its 2024 predictions. Ethereum is the most popular network despite layer-2 chains and rival layer-1 chains, according to two of these ten forecasts.

Ethereum revenue will likely treble to $5 billion next year, according to Bitwise. The network reported $2.3 billion in fees, or revenue, roughly half of 2022’s $4.1 billion. Regarding this prediction, Bitwise said,

“Thousands of crypto apps are used daily on Ethereum, a global supercomputer. You must pay using Ethereum to use those apps. Flow of cash.”

The asset manager predicted that Ethereum transaction fees will drop to $0.01 in 2024, another important prediction. This prediction matches EIP-4844, the predicted network upgrade.

The idea aims to lower typical transaction costs by 90% to make the network more affordable to mainstream consumers. Bitwise reports that Ethereum’s costs will drop, allowing more users to participate in the network. It would enable micropayments, social media, and large-scale gaming.

These may happen in 2024 depending on market conditions and Ethereum price.

Ethereum Remains Up
Ethereum’s short-term price may have corrected, but its macro outlook is bright. The 53% growth in two months is likely to continue till 2024, possibly reaching $2,500.

On the 3-day chart, MACD is bullish. This bullishness may need to be checked after the spot Bitcoin ETF approval spike.

ETH should recover and turn $2,296 resistance into support to reach $2,421.

If this breach fails, the altcoin might retrace to $2,142, invalidating the bullish argument and pushing ETH below $2,000.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
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