Ethereum Might End Up Outperforming Bitcoin, According to Raoul Pal

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Tue, 06/02/2020 - 07:01
Alex Dovbnya
Macro investor Raoul Pal suggests that Ethereum could end up outshining Bitcoin if another rally happens
Cover image via www.youtube.com
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In a tweet, macro investor Raoul Pal has recently opined that the price of Ethereum could outperform Bitcoin ‘at some point.’

image by @RaoulGMI

Pal also cautioned his followers not to engage in ‘tribal attacks’ between the two largest cryptocurrency communities, claiming that they represent two different ecosystems and the ‘digital future.’    

Related
Macro Investor Raoul Pal Expects Bitcoin to Become $10 Trln Asset

Ethereum longs surge on Bitfinex 

The world’s leading altcoin has been on a roll for the past week, surging by almost 25 percent to $250, its highest level since early March.   

As noted by cryptocurrency trader Josh Olszewicz, the notional value of Ethereum longs on the Bitfinex exchange recently reached a new all-time high of $435 mln, which means that traders are increasingly betting on the continuation of the current price rally. 

image by @CarpeNoctom

This coincided with total open interest on Ethereum options on Deribit reaching new highs along with their volume. 

Pal also recommends his followers to pay attention to the shares of Mike Novogratz’s Galaxy Digital due to the bank’s exposure to Ether if they want to stick to equities. 

Q1 all over again?

This comes as Bitcoin is breaking out of a massive bearish pattern after surging to $10,429. Its highest level since Feb. 13.

Trader Scott Melker claims that the bear case will be ‘dead’ if BTC manages to surge above $10,522, thus printing a higher high on the monthly chart.
 

image by @scottmelker

The rally looks similar to Bitcoin’s price action in early 2020 when BTC ended up lagging behind Ethereum, which inevitably took a toll on the coin’s dominance. 

About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.


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