By Solomon Odunayo
Raoul Pal, Founder/CEO of Global Macro Investor and Real Vision Group, has claimed that Ethereum (ETH), the second-largest cryptocurrency by market capitalization, has managed to outperform the flagship digital currency, Bitcoin (BTC), since inception.
According to Raoul Pal, in a series of tweets on 7th April 2021, ETH has so far gained 250% more than Bitcoin (BTC) since its emergence.
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The tweets look more like a means to dispute the supremacy of Bitcoin over other cryptocurrencies, especially Ethereum, over the years.
Raoul Pal further claimed that Ethereum (ETH) only fell below its initial price in BTC for the first five months of its emergence in 2015.
Raoul Pal tweeted, “Fascinating to see that since inception ETH has outperformed BTC by 250%. It only fell below its initial price in BTC for the first 5 months of its existence in 2015. Let that put rest to the idea that all other tokens trend towards zero in BTC terms.”
Fascinating to see that since inception ETH has outperformed BTC by 250%. It only fell below its initial price in BTC for the first 5 months of its existence in 2015.
Let that put rest to the idea that all other tokens trend towards zero in BTC terms. pic.twitter.com/ulCpsjG8up
— Raoul Pal (@RaoulGMI) April 7, 2021
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Considering the context of the tweets, the founder of Real Vision Group was likely trying to correct the notion of the majority of Bitcoin maximalists, who see other cryptocurrencies as inferior.
Pal argues further that any blockchain project that manages to achieve ecosystem network effect will eventually succeed, while those that fail will lag behind.
Raoul Pal wrote, “Tokens that fail to get network effects trend lower, tokens that achieve ecosystem network effects (active wallets + developers + apps) will likely rise in BTC terms over time. The art is in choosing which will get network effects, and that aint easy (hence why i chose a basket).”
Ethereum (ETH) in the Market
Ethereum (ETH) is back above the $2,000 resistance level as Bitcoin (BTC) struggles to overcome the $60,000 hurdle. ETH is now accumulating to reclaim $2,100 support.
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At the time of filing this report, ETH is priced at $2,080.35, with about a 4% price increase in the last 24 hours.
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