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JPMorgan Is Cautious About Crypto Markets Into 2024
Ether is expected to outperform bitcoin and other cryptocurrencies next year due to the Ethereum blockchain’s EIP-4844 upgrade, the report said.
Wall Street giant JPMorgan (JPM) said it is cautious about cryptocurrency markets into 2024, but expects ether [ETH] to outperform bitcoin [BTC] and other cryptocurrencies due to an upgrade that will make the Ethereum blockchain more scalable.
The U.S. Securities and Exchange Commission's (SEC) decision on whether to approve spot bitcoin exchange-traded-funds (ETFs) is unlikely to spur major gains, it said in a report on Wednesday.
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There is a “high chance of buy-the-rumor/sell-the-fact effect once the SEC approves spot bitcoin ETFs early next year,” analysts led by Nikolaos Panigirtzoglou wrote.
“Excessive optimism by crypto investors arising from an impending approval of spot bitcoin ETFs by the SEC has shifted bitcoin to the overbought levels seen during 2021,” JPMorgan said, adding that the 2024 bitcoin halving event is “largely priced in.”
Ether is likely to shine due to the EIP-4844 upgrade, or proto-danksharding. That's a development of sharding – splitting the network into shards to improve transaction speed – by way of Danksharding, which uses the shards to increase space for groups of data. Proto-danksharding involves adding a new transaction type to Ethereum: the “blob-carrying transaction.”
The bank notes that there has been some “reinvigoration” in venture capital (VC) funding in the fourth quarter of 2023, but it appears “rather tentative.”
While there has been some improvement in decentralized finance (DeFi) activity, the “biggest disappointment continues to be the inability of DeFi to encroach into the traditional financial system, which is necessary for the crypto ecosystem to transition from crypto native to real world applications,” the report added.
Read more: The Crypto Market Rally Looks Overdone, JPMorgan Says
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Bilinmesi gerekenler:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
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Bitcoin gets 'base case' price target of $143,000 at Citigroup
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What to know:
- Citigroup's base case for bitcoin (BTC) is a rise to $143,000 in 12 months.
- Analysts highlight $70,000 as key support, with the potential for a sharp rise due to revived ETF demand and positive market forecasts.
- The bear case sees bitcoin falling to $78,500 amid a global recession, while the bull case predicts a rise to $189,000 due to increased investor demand.
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