A former Goldman Sachs executive believes Ethereum is about to surpass Bitcoin

When looking at the gains of altcoins like Cardano, Synthetix, Chainlink, and Dogecoin, the performance of the cryptocurrency market leaders Bitcoin (BTC) and Ethereum (ETC) has actually flattened out. As altcoins have broken out sharply to the upside, the two most important cryptocurrencies are trading in a narrow range.

However, many prominent analysts on Wall Street and in the crypto space believe that Ethereum will soon surpass Bitcoin. The latest person to support this view is Raoul Pal, former head of hedge fund sales at Goldman Sachs and CEO of Real Vision.

Raoul Pal Believes Ethereum Could Outperform in Upcoming Bull Run

In a tweet published on July 8, the Wall Street veteran and former macro fund manager said that ETH has a good chance of “being the outperformer” in the upcoming bull cycle in the cryptocurrency market.

Raoul Pal shared the chart below, showing that the Ethereum to Bitcoin ratio is experiencing a bull breakout after two years of a bear market.

Bloomberg Ethereum to Bitcoin ratio chart shared by Raoul Pal

Notably, Raoul Pal said he does not own ETH but may establish a position in the near future.

Raoul Pal's tweet comes from an inaccurate Google Translate

There’s also a fundamental tilt to investor optimism. In a newsletter published earlier this year, Raoul Pal cited decentralized finance, or DeFi, as one of the reasons he believes Ethereum will outperform as a blockchain platform in the future.

He wrote at the time: “I am increasingly bullish on Ethereum. If Bitcoin is gold, ETH is silver. It has more industrial uses and value storage uses... ETH is about usage and use. Basically, it all comes down to the credit of the DeFi market.”

Not the only one bullish on ETH

Raoul Pal is not the first crypto investor to see Ethereum as a better investment option than Bitcoin in the coming months.

Peter Brandt

Long-time commodity trader and Bitcoin supporter Peter Brandt shared the chart below on July 8, also suggesting that the cryptocurrency will rise against Bitcoin in the coming weeks. He currently expects ETH to rise 20% against BTC as the ratio recently saw a “significant” breakout that supports the rise.

ETH/BTC analysis chart shared by Peter Brandt

It is worth mentioning that Peter Brandt once said that 99% of "other cryptocurrencies will be forgotten in 5 years", but Litecoin and Ethereum have "greater advantages".

This optimism was further echoed by Tuur Demeester, CIO of asset manager Adamant Capital, who many would call a “toxic Bitcoin maximalist.”

Tour de Meester said on July 8, "ETH/BTC technicals are bullish, so I'm long." This statement shocked some areas of the cryptocurrency industry. (Baijiahao)