- Former Goldman Sachs executive thinks Ethereum will soon outpace Bitcoin
- The ratio between ETH and BTC is undergoing a bullish break
- Other investors are also bullish on Ethereum
Ethereum News Today – if you look at altcoins like Synthetix, Cardano, Chainlink, and Dogecoin, you will agree that the market leaders Bitcoin and Ethereum have flatlined. Bitcoin and Ethereum are the two most popular and largest cryptos by market cap. They have been trading in a tight range for some time now.
Most altcoins have rallied strongly to the upside. Yet there are some prominent cryptocurrency analysts, from Wall Street and the digital currency space, that see great potential for ETH. They believe that ETH will soon outperform BTC. The most recent person to air his opinion on this sentiment is Raoul Pal. Pal is the former head of hedge funds at Goldman Sachs. He is currently the CEO of Real Vision.
Ethereum Will Soon Outpace Bitcoin
Raoul Pal thinks ETH could outperform BTC in the upcoming bull cycle. According to a tweet published on July 8, Pal said there’s a good chance that ETH will be the outperformer” in the coming Bitcoin bull cycle. The former Goldman Sachs executive shared a chart. The chart shows that the ratio between ETH and BTC is undergoing a bullish breakout.
Pal does not own any ETH, but he may create a position in the future. There is a fundamental skew to investor’s optimism. Pal has identified decentralized finance (DeFi) as a key advantage for Ethereum over Bitcoin. In a newsletter published earlier in the year, Pal said Ethereum’s platform will perform well in the coming months. At the time he wrote:
“I am increasingly bullish on Ether. ETH has more industry use cases and a lesser store of value use. It is mostly about usage and adoption rates. It js down to DeFi. ”
Other Investors Are Bullish on ETH
Pal is not the only investor who sees Ethereum as a better investment option than Bitcoin in the coming months. Bitcoin bull and long-time commodities trader Peter Brandt shared a chart that indicated that Ether will gain traction against BTC in the coming weeks. He is expecting a 20% rally in ETH against BTC. This is because the ratio saw a “significant” upside break recently. Brandt once said 99% of the rest of cryptocurrencies will be forgotten in five years.
However, Litecoin and Ethereum have both stood strong and have more going for them. The optimism on ETH has also been echoed by the CIO of Adamant Capital Tuur Demeester. Demeester who has been a “toxic Bitcoin maximalist” has shocked some segments of the crypto sector on July 8. At the time he said “ETH/BTC technicals are bullish and they’ll challenge BTC in the coming weeks.