Macro guru Raoul Pal says that the top smart contract platform Ethereum (ETH) is set to outperform Bitcoin (BTC) as the crypto markets enter into a new “spring” phase.
The former Goldman Sachs executive tells his one million followers on the social media platform X that based on the Tom Demark Sequential indicator, ETH is setting up to outrun BTC.
The Demark Sequential aims to identify points of trend exhaustion or price reversal.
“That is the weekly DeMark 9 count for the ETH/BTC cross. ETH most likely outperforms from here as per usual at this stage in late Crypto Spring.”
Source: Raoul Pal/X
Pal goes on to say 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 as they can capture the yield and only give price performance to the ETF holders. It is a super profitable business until it gets competed away eventually.”
However, one prominent crypto analyst has a stance that contradicts Pal’s assessment of Ethereum outperforming Bitcoin.
Recently, crypto strategist Benjamin Cowen issued an alert, saying that Bitcoin Dominance (BTC.D) – which tracks the percentage of the total market cap that belongs to Bitcoin – will continue to be bullish, meaning that altcoins, including ETH, will lag behind BTC.
“My crypto portfolio for the last couple of years has been predominantly just Bitcoin because I suspect that it will outperform most of the rest of the market – not all of the market, but most of the rest of the market – and that’s why the dominance has gone higher.”
Ethereum is trading for $2,080 at time of writing.
Generated Image: Midjourney
