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David Gokhshtein Says He'd Go with ETH over BTC, Here's Why

Thu, 12/01/2022 - 13:18
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Tomiwabold Olajide
Bitcoin is up 3.4% in last seven days, while Ethereum is up 8.8%
David Gokhshtein Says He'd Go with ETH over BTC, Here's Why
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David Gokhshtein, founder of Gokhshtein Media, says he would go with ETH over BTC presently for no other reason than based purely on returns. A look at the seven-day returns of both Bitcoin and Ethereum reveals that ETH is outperforming in this regard.

Bitcoin is up 3.4% in the last seven days, while Ethereum is up 8.8% in this regard. The reverse can be seen on longer time frames, with BTC outperforming ETH both on the 30-day and yearly timeframes.

According to CoinGecko data, Bitcoin is down 16.2% and 69.9% in the last 30 days and yearly, respectively. On the other hand, ETH is down 18.2% in the last 30 days and 72.3% yearly as well.

Raoul Pal Expects Ethereum to Greatly Outperform Bitcoin

Following the Merge upgrade, several experts expect that Ethereum will outperform Bitcoin due to its new deflationary cryptocurrency appeal. Ethereum transitioned from the proof-of-work (POW) to the proof-of-stake (POS) mechanism in mid-September, which slashed its energy usage by 99.95%.

Ethereum is likewise seeing profound attention from whales who continue to accumulate. In the past week, on-chain analytics firm Santiment reported that Ethereum "large whales," that is, those holding $10.9 million to $1.09 billion, added 947,940 ETH in the fifth largest single-day add in the past year.

Another encouraging sign for the ETH network is an increase in active and large key addresses, with the number of 100 to 100,000 ETH holder addresses reaching a 20-month high.

This is not to say that Gokhshtein is not bullish on the BTC price action. As reported by U.Today, Gokhshtein commented on the future price of Bitcoin, predicting that it might reach $250,000 per coin.

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About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.