Ethereum To Outperform Bitcoin, Fund Managers Set $8,000 Target
08 Novembro 2024 - 11:00PM
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The strong performance of Ethereum in recent days has caught the
attention of experts. In several posts on X, prominent fund
managers and industry leaders have projected a bullish outlook for
Ethereum (ETH), positioning it to outperform Bitcoin (BTC) with a
target price of $8,000. This optimism is underpinned by anticipated
regulatory advancements for the decentralized finance (DeFi)
ecosystem. Why Ethereum Could Outperform Bitcoin Raoul Pal, Founder
and CEO of Global Macro Investor, articulated his perspective on
ETH’s potential resurgence in a post that has garnered significant
attention within the crypto community. “I’ve been expecting ETH to
start gaining lost ground on BTC. It’s partly driven by the
risk-taking cycle but it’s also driven by the election,” Pal
stated. Pal highlighted two primary factors contributing to ETH’s
anticipated outperformance. The first one is the enhanced utility
in DeFi: “Utility tokens in DeFi begin to offer yield or reward of
underlying protocol which creates network value. Most of this is on
ETH,” Pal explained. Related Reading: Ethereum Jumps 10% As DeFi
Sentiment Rebounds With Trump’s Victory The second factor is the
adoption by Traditional Finance (TradFi). “TradFi will likely begin
to build larger use cases but on the most tested, adopted chain.
Think of ETH (and the L2’s) as the Microsoft of web3. No one gets
fired for using it,” Pal asserted. These developments, according to
Pal, are poised to “dramatically re-rate ETH and offset the current
retail adoption on other chains,” with the added advantage that ETH
yields will attract more institutional players. He emphasized the
potential for constructing sophisticated financial products, such
as guaranteed funds, under improved regulatory conditions. “With
better regs this activity will explode,” Pal concluded. Supporting
Pal’s outlook, Dan Tapiero, founder and CEO of 10T Holdings—a
growth equity fund specializing in mid-to-late stage investments
within the digital asset ecosystem—commented on Pal’s post: “Yup.
More eloquent version of what I posted last night. Very funny.”
Tapiero referenced his own earlier assertion that “Ethereum too
cheap. Gonna explode from here. Gensler and Co killed Defi in the
US in ’22-24. Not killed now. Long Live US Defi. Break of $4k going
over $8k in the next year.” Related Reading: Ethereum Surges Past
$2,500: What The Futures Market Signals For Traders However, Pal
also noted a hierarchical adoption landscape within the crypto
space, suggesting that while ETH may outpace BTC, it might
underperform Solana (SOL) and, subsequently, Sui (SUI). “My view is
that ETH begins to outpace BTC for the rest of the cycle but
underperforms SOL and SOL underperforms SUI as SUI is in the
ultimate performance stage of adoption – early > proven. Let’s
see,” he remarked. The discourse around Ethereum’s prospects also
attracted engagement from the broader crypto community. A user
named Himura (@aceddeca1) proposed an alternative investment
thesis: “ETH will be fine but if that is your thesis it would be
better spent on UNI especially with Unichain … Uniswap going to own
chain is the base token you wish Coinbase would launch.” Pal
responded succinctly, “Interesting thought.” Additionally, concerns
regarding potential biases were raised by user Galavis
(@FedericoGalavis): “Be careful with SUI folks as only 0.82% of the
supply has been unlocked. Are you a paid SUI promoter Raoul? If you
are you better disclose.” Pal countered, “You need to do more
research on all your comments,” addressing the speculation over his
impartiality. Notably, Pal serves as a Board Member at the Sui
Foundation, a fact that may inform perceptions of his commentary on
SUI. At press time, ETH traded at $2,916. Featured image created
with DALL.E, chart from TradingView.com
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