Famous economist Raoul Pal, looking at the recent conditions, prefers an altcoin project instead of Bitcoin. Real Vision’s CEO evaluated the most trusted altcoins for portfolio allocation.
Safest altcoin to invest in, according to Raoul Pal
Raoul Pal, CEO of Real Vision, says that Ethereum is superior to Bitcoin. In a recent interview, he said that ETH’s deflationary mechanism caused a “major supply shock.” The expert also predicts a significant shock in Ethereum demand. In a recent interview with Money Talks, he detailed his analysis:
Many institutions ESG [çevresel, sosyal ve yönetişim] incorrectly disapproved of Bitcoin due to its problems. This has been eliminated with PoS. Institutions love the Ethereum returns it currently has, which is another plus. Now you must decide whether you trust the Web 3.0 technology environment when allocating your investments. So how do you choose? Ethereum or Bitcoin?
Real Vision’s CEO prefers these altcoins over Bitcoin
According to Pal, investors should support “the network with the most apps and fastest growth.” For a suitable portfolio, the analyst says:
The most important for portfolio distribution is ETH. Solana, AVAX and other early stage altcoins… They are at the very beginning of the adoption curve, so you have the accelerated stage, I think they will definitely outperform their competitors. However, if you only think of safe, simple investment and look online, ETH is currently the currency of the internet. Nothing is exchanged in Bitcoin.
Ethereum points to more gains than Bitcoin (BTC)
Ethereum has led the overall recovery of the market recently. ETH price quickly rallied to $1,700 after a major update on the merge. With its value increasing in such a short time, the investor profitability of the network has also increased. According to data from IntoTheBlock, ETH profitability has reached 52% recently. At the same time, only 44% of their owners are currently at loss.
Notably, there are 62% of investors who have held their cryptocurrencies for more than a year. This simply means that almost all profit-makers are long-term owners. But despite the decline, network activity has been impressive lately. With the growing interest in Merge, the network regularly attracts new investors. As Glassnode noted, the number of new addresses (7-week MA) hit a 1-month high of 3,213 on August 2.
The hype around the merge also affects the total deposits in ETH 2.0. Currently, the total deposit was at an astonishing 13.25 million ETH with the high profitability expected from stake returns as well.
As a result, ETH price has been falling since August 1 as prices dropped 6% to break the $1,600 support. Analyst Kanav Jain says the community is ready to change the trend after the price trend spike in July. cryptocoin.comAs you follow, Ethereum traded mostly below $1,700 on August 3.
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