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Home»Bitcoin»CEO is betting on Ethereum and Solana during this bull run
Bitcoin

CEO is betting on Ethereum and Solana during this bull run

2023-10-30No Comments3 Mins Read
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  • CEO Raoul Pal discussed the changing dynamics of Bitcoin’s correlation with Ethereum.
  • Pal recently discussed these issues with Scott Melker on a podcast.

Real Vision CEO Raoul Pal believes that unlike other altcoins, Ethereum’s price action is happening [ETH] is not so much dictated by that of Bitcoin [BTC]. He also placed his bets on Solana’s [SOL] price increase.

Pal made these comments while speak to Scott Melker on the “Wolf of All Streets” podcast, discussing Bitcoin’s correlation with ETH and other altcoins, among a range of crucial concerns surrounding the crypto industry.

ETH has a huge ecosystem of its own and its action is completely independent of how BTC performs, Pal said.

The correlation between BTC and ETH increased after the latter’s merger in September 2022 and the Shanghai fork in April 2023. In fact, the correlation increased especially after the Shanghai fork.

In the days immediately following the April update, Coinbase [COIN] published a report that underlined this trend. It noted that the correlation coefficient between daily Bitcoin and Ether returns dropped from 0.95 to 0.82 within 30 days (April 20).

Source: Coinbase

Ethereum’s independence from Bitcoin also has a lot to do with the type of institutions that invest in ETH. Many institutional investors like assets with yields, something ETH offers, Pal added.

However, we must highlight Ethereum’s recent declining yield.

Source: Bloomberg

At 3.5%, this was the lowest in the past ten months, and well below the recent peak of more than 8%, Bloomberg recently reported reported. The report cited a recent note from JPMorgan Chase, which said:

“The increase in stakes has reduced the attractiveness of Ethereum from a returns perspective, especially against the backdrop of rising returns on traditional financial assets.”

Source: ETH/USD, TradingView

ETH was trading at $1,813.50 at the time of writing, up 18% in a fortnight. Meanwhile, BTC was simultaneously trading at $34,302, up 28% in a fortnight.

Source: BTC/USD, TradingView

Pal bets on Solana among all altcoins

Among other altcoins, Pal is bullish on Solana. Due to its better security and speed, this is its top choice among altcoins.

See also  Stablecoin Dominance An increase of 3.54%, but will the caution of investors pause Bitcoin's Run?

Solana once was startling for his disturbances.

In September 2021, the network fell victim to a disruptive denial-of-service bot attack. In May 2022, another bot invasion hit the network. A consensus failure caused by a bug led to another outage in June 2022.

In February 2023, performance degradation issues disrupted transactions.

However, the network has now come a long way thanks to the introduction of priority fees. In her July report, Solana says claimed Not had a single outage since February.

Jacob Creech, Solana’s head of developer relations, recently announced a $400,000 bounty for anyone who can shut down the network.

FYI: There is a $400,000 reward for anyone who can find code that can disable Solana

Please go ahead and find ithttps://t.co/2oxcB0EEyx

— Jacob Creech (@jacobvcreech) October 12, 2023

Pal said he bought a significant amount of SOL in June-December 2022 before the FTX [FTT] fiasco. But his recent performance won’t keep him away.

SOL was exchanging hands at $34.74 at the time of writing, up almost 65% in a fortnight.

Source: SOL/USD, TradingView



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betting Bull CEO Ethereum run Solana
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