Macro guru Raoul Pal says top smart contract platform Ethereum (ETH) will outperform Bitcoin (BTC) as crypto markets enter a new “spring phase.”
The former director of Goldman Sachs tells his one million followers on the social media platform
The Demark Sequential aims to identify points of trend exhaustion or price reversal.
“That is the weekly DeMark 9 count for the ETH/BTC crossing. ETH will most likely perform better than usual from now on at this stage of the late Crypto Spring.”
Pal continues participation that Ethereum-based exchange-traded funds (ETFs) will be the “holy grail” for asset managers, at least until some form of competition emerges.
“An ETH ETF is the holy grail for asset managers because they can lock in returns and only provide price performance to ETF holders. It is a super profitable business until it is eventually outcompeted.”
However, one prominent crypto analyst has a view that contradicts Pal’s assessment that Ethereum is outperforming Bitcoin.
Recently, crypto strategist Benjamin Cowen issued a warning saying that Bitcoin Dominance (BTC.D) – which tracks the percentage of total market capitalization belonging to Bitcoin – will remain bullish, meaning altcoins, including ETH, will lag behind. BTC.
“My crypto portfolio has been mostly Bitcoin for the last few years because I suspect it will outperform most of the rest of the market – not the entire market, but most of the rest of the market – and that’s the reason why the dominance has gone higher.”
Ethereum is trading at $2,080 at the time of writing.
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Generated image: Midjourney