Senior economists Raoul Pal and Chris Burniske are trying to shed light on which altcoin project will outperform Bitcoin in terms of price performance. According to the analysis, the gap started to close rapidly on the new page opened in 2023.
Which altcoin is ready to surpass Bitcoin, according to experts?
The cryptocurrency market started 2023 on an optimistic note, with Bitcoin and high-volume altcoins posting significant price gains. However, the bullish momentum that started in recent weeks has yet to reflect a full recovery. According to Chris Burniske, former head of crypto analysts at ARK Invest, Ethereum (ETH) is poised to make one of the most memorable moves ever recorded in the market this year. The analyst claimed that Ethereum is ready to go up against Bitcoin after almost two years of consolidation.
His analysis comes at a time when the market is wary of a possible increase in interest rates by the Fed as inflation rises in the US. Burniske recently predicted that risky markets like Bitcoin could be affected if the Fed takes action to raise interest rates.
Ethereum managed to clean up its weekly losses while Bitcoin remained below $24,000.
Technically speaking, the price of Bitcoin and Ethereum has continued its downtrend since the weekend. Bitcoin started the new year at $16,547 and rose nearly 40% in January. During this period, it managed to maintain over $23,000. February price performance was much lower for Bitcoin, mostly below $24,000.
Data from cryptocurrency analytics platform Santiment says bottoms are more likely to occur as more traders leave their positions with losses. On the other hand, Ethereum (ETH) is trading at $1,560. The altcoin managed to clear its weekly losses by making slight corrections to the upside. Santiment also revealed that non-exchange addresses exceed levels last seen seven years ago.
Another analyst, Raoul Pal, who offers similar analyzes about Ethereum in his current analysis, suggests that Ethereum is much more complex and financially more functional than Bitcoin.
According to Raoul Pal, the leading altcoin is catching up with Bitcoin with these features
Real Vision CEO Raoul Pal argues that the foundation of the Bitcoin (BTC) network is the idea of an autonomous monetary system free from the corrupting influence of governments. In a recent blog post, he highlighted Bitcoin as the only safe investment available and said it was the ‘only option’ for long-term investments.
In contrast, Pal likens the Ethereum (ETH) network to the much more complex US economy. Pal compares ETH’s staking mechanism to buying US Government bonds, while he likens DeFi to the riskier banking sector. He predicts that over time, the Ethereum economy will grow more than Bitcoin due to its higher level of complexity. We have included what XRP and Solana (SOL) said about the economy in this article of Kriptokoin.com.
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