Ethereum on the Rise to Outshine Bitcoin, Predicts Ex-Goldman Sachs Executive
Macro expert Raoul Pal suggests that Ethereum (ETH), the leading smart contract platform, is anticipated to surpass Bitcoin (BTC) in performance as the cryptocurrency markets transition into a new phase resembling a "spring."
Raoul Pal, a former executive at Goldman Sachs, shared that based on the Tom Demark Sequential indicator, ETH appears to be gearing up to outpace BTC. The Demark Sequential is designed to pinpoint potential exhaustion points in trends or price reversals.
He explained that the weekly DeMark 9 count for the ETH/BTC cross indicates that ETH is likely to outperform from this point, consistent with previous occurrences in the late Crypto Spring.
Additionally, Pal anticipates that exchange-traded funds (ETFs) based on Ethereum will be highly sought after by asset managers, considering them the “holy grail” for their ability to capture yield while delivering price performance exclusively to ETF holders.
He acknowledges the profitability of this business model until potential competition arises.
However, another notable crypto analyst, Benjamin Cowen, disagrees with Pal’s assertion that Ethereum will outshine Bitcoin. Cowen recently issued a cautionary alert, asserting that Bitcoin Dominance (BTC.D) – a metric tracking the percentage of the total market cap held by Bitcoin – will remain bullish.
This implies that alternative coins, including ETH, may lag behind BTC.
Cowen shared that his crypto portfolio has predominantly consisted of Bitcoin for the past few years because he believes it will outperform a significant portion of the market – not all of it, but a substantial portion – and that’s why dominance has increased.