It Seems Ethereum Will Outperform Bitcoin Ahead, Says Macro Analysts
The price of Ethereum has dipped by almost 80 percent from its lifetime high of $1.4k. This is due to the ICO bubble collapse and the history of a shift from altcoins to Bitcoins. However, by comparison, Bitcoin has only declined by 50 percent from its lifetime high of almost $20k. Numerous cryptocurrency market participants believe that Bitcoin will keep outperforming altcoins while a renowned investor is throwing his weight behind Ethereum.
It is clear that the performance of Bitcoin is more impressive than Ethereum but in recent times, the latter has been attaining remarkable rallies which is why it seems its future looks brighter. The second biggest cryptocurrency (ETH) incurred a rally of over 22 percent last week alone, based on data provided by Coin360.com. However, comparatively, the biggest cryptocurrency (BTC) moved to the upside by about 14.5 percent over that same time.
While commenting about the recent breakout of ETH, Raoul Pal of Real Vision shared a chart of ETH against the BTC pair on Twitter, noting that it seems ETH will perform better than Bitcoin when it gets to a point. The chart shows how ETH broke out of a critical barrier following the highs attained in February:
“It even looks like Ether will outperform Bitcoin at some point (no position yet). Please remember: No tribal attacks about bitcoin vs ethereum. They are two different things and two different ecosystems.”
Pal is not the only one optimistic about a brighter future for Ethereum, specifically against Bitcoin. Other market participants, such as Mohit Sorout of Bitazu Capital have expressed their optimism. Sorout also shared a chart via Twitter, claiming that it revealed a bullish “weekly market structure” in the end of April.
Some robust fundamental factors also suggest a bullish outlook for the cryptocurrency. According to DeFi Pulse, there is currently $953 million worth of assorted crypto assets locked into DeFi applications. Hence, as the trend shows that the growth of DeFi is progressive, Ethereum should likewise continue to grow.