- Bitcoin surpassed its previous all-time high post-election, while Ethereum approached the $3k resistance
- Raoul Pal predicts Ethereum could outpace Bitcoin due to evolving regulations and DeFi growth
As a seasoned crypto investor with a knack for spotting trends and a touch of humor, I find myself intrigued by the recent developments in the market. Bitcoin surpassing its previous all-time high is a testament to the faith investors have in digital gold, but Ethereum’s approach to $3k resistance is what has my attention.
The election of Donald Trump as the 47th U.S. President has sparked optimism in the cryptocurrency world, causing certain digital currencies to reach unprecedented peaks.
Bitcoin and Ethereum’s price action analyzed
Specifically, Bitcoin (BTC) surpassed its prior record value, achieved earlier in March, as it gained from the post-election energy, reaching a new peak.
Currently, when I’m typing this, a single Bitcoin was being exchanged for approximately $76,121.63. This price increase is due to a 1.58% rise in the last day, and a more substantial 8.68% growth over the past seven days.
In a similar fashion, Ethereum, the second-largest digital currency in terms of market value, broke past its significant barrier at $2,500 and was currently trading at $2,926.80. At the time of writing, it had increased by more than 12% on a weekly basis.
In the aftermath of President Trump’s election, the collective signals suggested a prolonged upward trajectory for the dominant cryptocurrencies I was studying.
Bitcoin outpaces Ethereum, but Raoul Pal believes otherwise
Looking at the fluctuations in price between Bitcoin and Ethereum, it’s evident that Bitcoin has outperformed predictions, setting a new record high above its previous peak. In contrast, while many anticipated Ethereum would break through the $4,000 threshold, it hasn’t yet managed to reach that level.
As a crypto enthusiast, I’ve been closely following the insights of Raoul Pal, and his recent assertion has piqued my interest. He posits that Ethereum (ETH) might surpass Bitcoin (BTC) in terms of performance in the near future. This intriguing perspective adds another layer to the ongoing debate about which digital currency will reign supreme.
He said,
I’ve been anticipating that ETH might regain its position relative to Bitcoin. This trend is influenced not only by the general risk-taking cycle, but also by the ongoing election.
What are the factors he used to support his argument?
Additionally, Pal emphasized various elements that might lead Ethereum to exceed Bitcoin’s performance potential.
He observed the progressive development of cryptocurrency regulations, which are anticipated to grow even more refined in the coming times. Consequently, as regulations solidify and gain clarity, Pal thinks that Ether (ETH), given its leading position within the decentralized finance (DeFi) sector, is primed to capitalize on these advancements.
Furthermore, Decentralized Finance (DeFi) tokens are becoming increasingly popular, providing attractive investment possibilities. Given Ethereum’s pivotal position within this environment, it significantly boosts its worth.
Ultimately, Ethereum’s robust reputation for security and reliability positions it as a formidable candidate for incorporation within conventional finance. Its adaptability and scalability might entice institutional acceptance due to these qualities.
What’s more?
He concluded his argument by stating,
“I believe that ETH will surpass BTC during the remainder of this cycle, but it won’t outperform Solana (SOL). In fact, Solana may lag behind Suisei (SUI), as SUI is currently in the final stage of its adoption curve – early adoption leading to proven success.
Here, it’s worth noting that Pal’s thoughts were met with criticism from Chris Close who said,
Nonetheless, Pal remained firm in his argument and responded by saying,
“We all have issues my friend. It doesn’t hold us back from greatness.”
Therefore, as Ethereum continues to gain strength and aims to surpass $3,000, the upcoming days will show if it can maintain its upward trend or not.
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2024-11-09 13:12