- Bitcoin reached a new all-time high after the election, while Ethereum neared the $3k mark
- Raoul Pal believes Ethereum could outperform Bitcoin due to changing regulations and DeFi expansion
The election victory of Donald Trump as the 47th president of the United States has had a positive impact on the cryptocurrency market, with some coins experiencing significant surges.
Analysis of Bitcoin and Ethereum’s price movements
Bitcoin [BTC] took advantage of the post-election momentum by surpassing its previous all-time high set in March. At the time of writing, Bitcoin was trading at $76,121.63, with a 1.58% increase in the last 24 hours and an 8.68% surge in the past week.
Similarly, Ethereum [ETH], the second-largest cryptocurrency by market cap, broke through the critical $2,500 resistance level and was trading at $2,926.80, showing a gain of over 12% on the weekly charts.
These developments indicate a continued bullish trend for the leading cryptocurrencies following Trump’s election victory.
Bitcoin surpasses Ethereum, but Raoul Pal sees a different future
While Bitcoin has exceeded expectations by reaching a new all-time high, Ethereum has yet to break the $4,000 barrier as anticipated. Raoul Pal argues that ETH could soon outperform Bitcoin in terms of performance.
Pal highlighted several factors supporting his argument, including the positive evolution of crypto regulations, Ethereum’s role in DeFi, and its potential for institutional adoption.
Factors driving Ethereum’s potential growth
Pal emphasized the improving regulatory framework, the rise of DeFi tokens, and Ethereum’s reputation for security and trust as key factors driving its potential outperformance over Bitcoin.
Conclusion and ongoing momentum
As Ethereum continues to push towards the $3k mark, the next few days will determine if it can maintain its upward momentum. Raoul Pal’s perspective on Ethereum’s potential growth amidst changing market conditions adds an interesting angle to the ongoing crypto narrative.