Ethereum (ETH) price is likely to overshadow Bitcoin price performance in 2024 said JP Morgan analysts in a recent note. Ether traded in the $2,400 region after nearly three weeks of consolidation but this uptrend seems to have lost momentum as Bitcoin price takes a hit this week. Despite the Bitcoin ETF approval hype, ETH continues to remain largely neutral as other altcoins outperform Ether. In the near future, ETH is likely to slip into sideways movement due to a few reasons: a slump in on-chain activity, a delay in ETF approval from the US Securities and Exchange Commission (SEC), a fast-approaching holiday season, and a lack of momentum to push Bitcoin price higher.
The BRC-20 token standard was designed specifically for the Bitcoin blockchain and tokens like RATS, SATS and ORDI are BRC-20 tokens. One of the key reasons for BRC-20 popularity is that the token standard unlocks new capabilities for the Bitcoin blockchain when used in DeFi applications.
Greed remains the main driving force of the crypto market in recent days, and the corresponding index is on its way to the extreme greed zone. Its cap has risen by 0.3% in the last 24 hours. Bitcoin has seen about zero change, with trampling around $42.8K.