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ETHEREUM VS. BITCOIN - WHO ROARED LOUD IN 2024
Analytics Insight
|Tech Layoffs Exposed
In 2024, the cryptocurrency market witnessed significant developments, with Bitcoin and Ethereum continuing to dominate the digital asset landscape. Both cryptocurrencies experienced substantial growth, driven by various factors including regulatory advancements, technological upgrades, and increased institutional adoption. This article provides an in-depth analysis of Bitcoin and Ethereum's performance in 2024, comparing their market dynamics, technological progress, and future prospects.
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Market Performance in 2024
Bitcoin (BTC) and Ethereum (ETH) both saw impressive gains throughout 2024, though Bitcoin outpaced Ethereum in terms of percentage growth. Bitcoin's price more than doubled, surpassing the $100,000 mark, while Ethereum achieved a 46.3% return, reaching approximately $3,646 by year-end.
The approval of spot Bitcoin exchange-traded funds (ETFs) by the U.S. Securities and Exchange Commission (SEC) in early 2024 played a pivotal role in Bitcoin's surge. These ETFs attracted over $35 billion in inflows, providing investors with regulated exposure to Bitcoin and enhancing its legitimacy as a mainstream investment asset. In contrast, Ethereum's performance, while positive, was comparatively subdued, partly due to the lack of a similar catalyst and increased competition from other smart contract platforms.
Technological Developments
Bitcoin maintained its focus on being a decentralized digital currency and store of value, with ongoing enhancements to its scalability and transaction efficiency through Layer 2 solutions like the Lightning Network. These developments aimed to facilitate faster and more cost-effective transactions, reinforcing Bitcoin's utility in everyday payments.
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