HashKey Group Chairman Xiao Feng made a bold prediction for 2024, predicting that Ethereum will completely dominate blockchain technology innovation.
His statement highlights Ethereum’s unparalleled potential to lead the blockchain sector, while also hinting at criticism of the current trend of Bitcoin’s development strategy.
Ethereum’s unrivaled leadership in the blockchain field
Xiao’s prediction highlights Ethereum’s prominent role in the blockchain landscape. According to Dr. Xiao, no other platform comes close to Ethereum in terms of driving technological advancement within the industry. This is consistent with Ethereum’s ongoing commitment to developing applications with real value and specific use cases, further solidifying its position as a leader in blockchain innovation.
Chairman HashKey also mentioned the path necessary for Bitcoin’s success, implying that Bitcoin must stick to its fundamental characteristics. This appears to indicate criticism of the direction Bitcoin has recently taken. Xiao also highlighted the maturity of blockchain layer 2 (L2) technology and its role in supporting the proliferation of blockchain applications with real value.
Expanding the scope of blockchain
Another key trend for 2024 identified by Xiao is the integration of blockchain and artificial intelligence (AI) and the spread of the cryptocurrency economy in educational settings. He envisions blockchain playing a pivotal role in facilitating large-scale collaborative networks and managing intellectual property in AI.
Emphasizing the developer-centric nature of blockchain, Dr. Xiao points out that blockchains that gain more developer support are poised for success. This view is consistent with the idea that major blockchain networks compete for developer attention rather than consumer demand.
Ethereum market performance and patterns
At the time of the report, Ethereum was trading at $2,300 and struggling to maintain its position above $2,400. The emergence of a head and shoulders pattern, which typically signals a potential bearish reversal, suggests a near-term downtrend for Ethereum. If the price of Ethereum falls below the neckline of this pattern, it could lead to a retreat towards the significant $2,000 support level.