Intotheblock lists 3 catalysts that will drive cryptocurrency growth in 2024

The cryptocurrency community is very excited and looking forward to the upcoming event.

2024 is filled with events that will have a significant impact on market activity. Therefore, the cryptocurrency community is very excited and looking forward to the upcoming trends.

according to Report News from cryptocurrency market analysis platform IntoTheBlock (ITB) says that the potential launch of a Bitcoin spot exchange-traded fund (ETF), the upcoming Ethereum Dencun upgrade, and the launch of EigenLayer’s staking product are all catalysts. Partnerships to boost cryptocurrency development in 2024.

Spot Bitcoin ETF launched

The launch of a spot Bitcoin ETF is driving activity in the cryptocurrency market.Today, BTC briefly rose above $45,000, traders bet The SEC’s decision on these products cost more than $3.25 million.

A dozen applications from major asset managers are expected to receive responses from the SEC between January 8 and 10.

While it’s unclear how the agency will decide, Intotheblock (ITB) said the answer to the approval question is up to the person who responds. A survey by Bitwise programme Only 39% of financial advisors expect a spot Bitcoin ETF to be launched in 2024, while Bloomberg analysts highlight 90%.

There has also been speculation about the impact of the approval of a Bitcoin spot ETF on the cryptocurrency market. Some market participants predict that this may be a half-truth, while others are optimistic and expect the price of the leading digital asset to hit a new yearly high.

Ethereum is about to undergo Dencun upgrade

Additionally, the upcoming Ethereum Dencun upgrade will be a catalyst that impacts the cryptocurrency in 2024. The event will take place around the end of the first quarter, after postponing its original October 2023 date. Early in the second quarter of this year. The update is expected to improve Ethereum Layer 2 (L2) rollup efficiency through proto-danksharding and introduce temporary storage space to increase transaction throughput.

In addition, the Dencun upgrade is expected to reduce the transaction costs of the L2 network by 10 times or more, thereby attracting more economic activities into the ecosystem. In response to this incident, major L2 protocols have significantly increased their prices. According to data from CoinMarketCap, Optimism’s native token OP has risen 56% in the past month, while Arbitrum’s ARB has risen 50% in the same period.

OP 4-hour price chart | Source: Tradingview

New staking and liquidity staking products

As a protocol that provides developers with a foundation of Ethereum staking capital and a set of decentralized validators, EigenLayer’s re-staking product launch is one of the most anticipated events of 2024, which will introduce new applications to the ecosystem , and benefit existing liquidity staking protocols.

ITB believes that staking on EigenLayer will generate higher profits than the current staking rate. The protocol has attracted over $1 billion in deposits, 70% of which came from liquidity staking by the community in preparation for the product launch.

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According to “Crypto Potato”