Bitcoin surge to $10,000 is gradually stealing the headlines across several cryptocurrency media. While many Bitcoin supporters hope that the price will continue to climb up, holders/supporters of the second-largest digital currency think that Ethereum price will perform better than Bitcoin, at some point.
Ethereum gains increased activities
The Ethereum crypto, which is the world’s largest altcoin, has been performing remarkably over the past week. Ethereum price had increased by nearly 25 percent to settle briefly at the $250 price mark. This is considered the biggest peak ever attained by the digital currency since early March, before the COVID-19-led market crash.
Following a tweet by Josh Olszewicz, a digital currency trader, the notional value of Ethereum longs recently hit another all-time high (ATH) at $435 million on Bitfinex, one of the leading cryptocurrency exchanges. Probably, this signals optimism among traders that Ethereum price will maintain the rally.
In addition, the increasing Ethereum longs on Bitfinex is coming at the same period when Deribit records positive activities on Ethereum options. As reported, the open interest on the Ethereum product reached new peaks alongside their volume.
Ethereum price could outperform Bitcoin
Perhaps, amidst these developments, Raoul Pal was led to suggest that Ethereum price might outperform the top digital currency, BTC ‘at some point.’ Meanwhile, Pal’s statement came as a personal opinion, and not to drive wild attacks against the two cryptocurrency communities.
The macro investor urged his followers not to get involved in any sort of ‘tribal attacks’ between the communities, saying that they all stand in place of the digital future, although they remain two separate ecosystems.
Most importantly, Pal recommended that his followers should pay close attention to Galaxy Digital shares, in case they wish to stick to equities. He said Mike Novogratz’s bank has an in-depth exposure to Ethereum crypto.