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Cryptocurrency News Articles
Bitcoin Outpaces Ethereum, but Raoul Pal Believes ETH Could Soon Regain Lost Ground
Nov 09, 2024 at 06:00 pm
Donald Trump's victory as the 47th president of the United States has sent positive waves throughout the cryptocurrency market, with some coins surging to new heights.
Donald Trump's victory as the 47th president of the United States has had a positive impact on the cryptocurrency market, with some coins reaching new highs.
Bitcoin and Ethereum's price action in focus
Bitcoin [BTC], in particular, rode the post-election wave, breaking through its previous all-time high set in March.
At the time of writing, Bitcoin was trading at $76,121.63, up 1.58% in the last 24 hours and 8.68% over the past week.
Meanwhile, Ethereum [ETH], the second-largest cryptocurrency by market capitalization, crossed the critical $2,500 resistance level and was trading at $2,926.80. At the time of writing, it had gained over 12% on the weekly chart.
Together, these developments signaled a sustained bullish trend for the leading cryptocurrencies following Trump's election victory.
Bitcoin outperforms Ethereum, but Raoul Pal sees a shift coming
Comparing the price movements of Bitcoin and ETH, it's evident that Bitcoin exceeded expectations by surpassing its previous all-time high. In contrast, Ethereum, which was largely expected to breach the $4,000 barrier, is yet to achieve this milestone.
In light of this, Raoul Pal presented an argument suggesting that ETH could soon outpace Bitcoin in terms of performance.
He stated,
“I’ve been expecting $ETH to start gaining lost ground on BTC. It's partly driven by the risk taking cycle but it’s also driven by the election.”
What factors did he use to support his argument?
Pal went on to highlight several factors that could contribute to Ethereum's potential outperformance over Bitcoin.
He pointed to the positive evolution of the crypto regulatory landscape, which is expected to continue improving in the near future. As regulations become clearer and more established, Pal believes that ETH, given its dominant role in the decentralized finance (DeFi) space, is well-positioned to benefit.
Moreover, DeFi tokens are gaining momentum and presenting lucrative opportunities, and Ethereum's foundational role in this ecosystem enhances its value.
Finally, ETH's strong reputation for security and trust makes it a prime candidate for integration into traditional finance, where its flexibility and scalability could facilitate institutional adoption.
Anything else?
He concluded his argument by stating,
“My view is that ETH begins to outpace BTC for the rest of the cycle but underperforms SOL and $SOL underperforms $SUI as SUI is in the ultimate performance stage of adoption – early > proven.”
Here, it's important to note that Pal's insights drew criticism from Chris Close who stated,
Chris Close who stated,
Source: Chris Close/X
However, Pal remained steadfast in his argument and responded by saying,
“We all have issues my friend. It doesn’t hold us back from greatness.”
Hence, as Ethereum continues its positive momentum and attempts to break through the $3K barrier, the coming days will reveal whether it can sustain this upward trajectory.
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research!
If you believe that the content used on this website infringes your copyright, please contact us immediately (info@kdj.com) and we will delete it promptly.
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