A spirited debate has been sparked, a prediction that ETH and other coins ‘network effects’ will outperform Bitcoin (BTC) and this was made by Real Vision co-founder and CEO Raoul Pal.
Six year after Bitcoin was created, Pal shared a chart of Ether’s price relative since August, 7, 2015. Which reveals that ETH has outperformed BTC by 250%.
In the Tweets of Pal, he opined that he is happy to see that since the launching of ETH, it has outperformed BTC by 250% and which for the first five months of existence, fell below the initial price and it should relax the idea, that other tokens, in BTC terms tend towards zero, for its first five months of existence.
On August, 10th 2015, ETH began trading for roughly 0.006 BTC and recently, it is at 0.0349 BTC. The aforementioned information was made available by TradingView’s Bittrex.
However, some proponents of Bitcoin, such as Arthur Van Pelt, Craig Wright arguing that the hype of Ether by Pal has been outlived and that it has been down on 77% and on a long term decline in the 2017 bull run.
In response, Raoul remarked: “Since this halving cycle started, it’s up over 100%. Cold hard facts.”
Fund strategist and Bitcoin advocate Brad Mills took issue with the comparison itself, asserting the logic underpinning the analysis is flawed, as it does not offer a comparison between the currencies since their respective beginnings.
On-chain analyst Willy Woo suggested that Ether’s price rise was simply the initial hype cycle playing out and that ETH has little potential for future price increases. The first four-year cycle of any coin, he explained, “is its highest climber,” adding that ETH will likely just oscillate around Bitcoin’s price from here on, and it’s time to move on from it:
“You may as well just leverage BTC now that we are in 2021 with well developed extremely liquid derivative markets.”