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A new report by investment firm VanEck lays out 15 projections for the cryptocurrency landscape 2024. The report dives into the key possibility of whether Ethereum can dethrone Bitcoin.

An analysis of Ethereum’s financial information has shown that an astronomical $2.5 billion worth of ETH has been burned since the Merge Event in September of 2022. Indeed, Ultrasound Money shows that the supply of Ethereum is at an 18-month low, currently standing at 309,663 ETH.

The development shows a clear contrast to the inflation that Ethereum had previously observed. Indeed, the asset has now shown a deflationary shift due to the 1,195,238 ETH that has been burned. Moreover, that permanent reduction in supply will have a long-term positive impact on the asset’s value.

Contradictory to the notion, the report mentioned that Ethereum will fall short of “flipping” Bitcoin next year despite robust gains.

The analysis sees Bitcoin retaining its position as the largest cryptocurrency by market capitalization. Bitcoin may also attract state-level support from countries like Argentina. The report also points to Bitcoin’s clear regulatory status and higher energy consumption. This is forecast to attract interest from quasi-state entities in regions such as Latin America, the Middle East, and Asia.

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