Ethereum and Altcoin Market Forecasts for 2024

Usually, the altcoin market goes the same way as Bitcoin, but there are exceptions. The more the Web3 industry develops, the more frequently some altcoins rise and fall due to successes or failures of specific projects rather than general trends. This primarily concerns Ethereum, which has long since secured the title of “the main altcoin.” That’s why CP Media brings you expert forecasts on Ethereum and the altcoin market for 2024 in a separate article. 

What Awaits Ethereum in 2024?

Christopher Smithmyer, Co-Founder and CEO of Black Wallet Limited, believes that ETH may grow about five to seven times, but it still won’t keep up with the market. The expert believes that Ethereum is an outdated technology, although it’s being updated. Ethereum-based L2 and L3 solutions are likely to grow faster.

Considering that there will be many positive factors at play and the negative sentiment towards crypto will be well internalized in 2024, ETH has a chance to overtake BTC in terms of growth rate, says Ryan Lee, Chief Analyst at Bitget Research. According to the expert, we can expect leading financial institutions to enter the market, so that ETH will reach all-time highs in 2024, surpassing the $4,900 mark. Against this backdrop, ETH’s bottom in the new cycle will shift to the $2,500-$3,000 range.

“ETH is currently showing relative weakness compared to BTC. The key positive factors that could affect Ethereum in Q1 2024 are related to the Cancun-Deneb (Dencun) update. Moreover, it’s influenced by the results of spot Bitcoin ETF approval and the timing of the Fed’s interest rate cut. If everything goes smoothly, ETH stands a chance to breach the $2,500 mark and reach the $2,800 level, with support levels at $2,100 and $1,800,” said Ryan Lee.

The expert believes that recent swaps data indicate a probable reduction in the Fed’s interest rate between March and May 2024. If this happens, the pressure on ETH will increase in Q2. There’s also a possibility that the asset will show a stronger trend than BTC. In an optimistic scenario, ETH could test the $3,000-$3,500 range to the upside. Depending on the activity of funds in the market, the price of ETH is expected to fluctuate mostly in $1,800-$3,000. 

“Investment funds such as BlackRock are waiting for approval of applications to launch Ethereum ETFs. If the SEC approves the filings, the token’s value may reach the $3,000 mark in early spring. However, Ethereum’s congestion and high commissions will still be a problem in 2024. So far, the developers didn’t solve these issues,” Marina Trofimova, CBDO at Bitsgap, said. 

Situation in Altcoin and Meme Coin Markets

Marina Trofimova also noted that 2024 promises to be a very productive year for the altcoin market. This will be seen in the growth of prices of the largest assets. 

“Tokens of strategic projects like Solana, Polkadot, Polygon, and a number of others are likely to grow in value against the general market growth. SOL may reach the $90-$100 mark, DOT — $10, and LINK — $20,” Marina believes. She also notes that there are great prospects for meme coins that have extensive community support — such projects can get a strong impetus for development.

The top meme coin DOGE may reach $0.1-$0.2 if there’s a constant push from Elon Musk. Basically, the bullish trend is a period of rapid market development, so we can expect new meme coins and other altcoins to emerge daily, most of which won’t survive the next crypto winter. 

“Against the background of market growth, we’ll surely see a boom of meme coins, the development of which will positively affect trading volumes and the number of active dApps users,” Alexandra Korneva, Head of cross-chain aggregator Rubic, supports the forecast. 

Earlier, CP Media published several other expert forecasts for 2024, namely: 

• global forecasts on crypto market situation;
• a forecast on the main trends in the Web3 industry; 
• expert forecasts on Bitcoin.