One macro analyst claims that Ethereum has the chance to outperform Bitcoin in the near term, as ETH is now down by about 80% so let’s read further in the Ethereum latest news below.
Due to the collapse in the ICO bubble and the narrative that shifts from altcoins to Bitcoin, the -80% performance ETH registered is much worse than the one of Bitcoin. From the all-time high of $20,000, Bitcoin is down by 50%. While there are a lot of people that believe the benchmark cryptocurrency will continue outperforming altcoins, one macro analyst says that ETH could do better. Bitcoin’s performance is impressive but Ethereum’s is even better.
The second-largest digital asset is up by more than 22% over the past week according to the data from Coin360.com. At the same time, Bitcoin is up by 14.45%. Raoul Pal, the real vision chief executive, commented on the ETH/BTC chart:
“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.”
The chart shows that Ethereum is breaking out of the crucial resistance against Bitcoin which was formed during the February high. Pal’s optimism about Ethereum’s prospects against Bitcoin mainly has been echoed by a limited set of market participants. According to Mohit Sorout, the partner at Crypto hedge fund Bitazu Capital, Ethereum could print a major cycle low against Bitcoin in the near term as we have already seen such a bullish market structure in April. He also pointed out two important factors:
ETH/BTC started printing consecutive higher lows and higher highs, and the directional movement index also crossed into bullish territory. Pal and Sorout are some of the most prominent crypto analysts that said Ethereum has a good chance of outperforming Bitcoin in the next near term bull run. There are strong fundamental reasons to be bullish on the cryptocurrency. The data site DeFi pulse shows that there is now $953 million worth of assorted crypto assets that are locked into DeFi applications. DeFi is growing and as a result, ethereum should too. The founder of ETH-based app MakerDAO said:
Weekly market structure is bullish👀 pic.twitter.com/0lYYK1V7zP
— Mohit Sorout 📈 (@singhsoro) April 25, 2020
“4 million Dai was just minted with WBTC in a single transaction. This really showcases the latent demand for non-ETH assets, and it’s the beginning of a broader trend of DeFi acting as an economic vacuum that will eventually attract almost all value to the Ethereum blockchain.”
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