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Raoul Pal, founder and chief executive officer at Global Macro Investor, has predicted that Ethereum (ETH) will outperform Bitcoin (BTC) during the current cycle.
Pal's view echoes the emerging consensus within the cryptocurrency sector.
Various cryptocurrency analysts, including Chris Burniske, co-founder of New York-based venture capital firm Placeholder, are also betting on ETH's overperformance.
Fundstrat's Tom Lee, who is also the chairman of Ethereum treasury firm Bitmine, has predicted that the flagship alternative cryptocurrency will ultimately be able to surpass Bitcoin by market capitalization, which has long been a pipe dream of ETH proponents.
Ethereum comes close to $5,000
On Sunday, the price of Ethereum came awfully close to reaching the $5,000 level. According to CoinGecko data, it has registered a new all-time peak of $4,946.
Meanwhile, Bitcoin is struggling to regain bullish momentum, and it is currently on track to record its third consecutive day in the red.
The ETH/BTC pair has now surged by more than 73% in a little over a month.
The altcoin is now up 12% against Bitcoin this year after underperforming the leading cryptocurrency for three years in a row.
In fact, ETH is now set to score its best Q3 of all time, and its best quarter overall since 2021.
SOL outperforming ETH?
While ETH's performance is impressive, it is worth noting that Solana, which recently surpassed the $200 mark, is currently underperforming the bellwether altcoin. The SOL/ETH pair is up by roughly 5% over the past three days. Pal is convinced that this trend will continue to persist.
Earlier this week, The Information reported that Solana is currently increasing its presence in Washington, D.C. In fact, veteran crypto lobbyist Kristin Smith is set to help the project become more respectable.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team