As Bitcoin’s price has continued to record new all-time highs, Ethereum has not lagged behind during this crypto rally. Although Ethereum is still currently around 16 percent below its all-time high price, a Wall Street veteran believes that Ethereum is due to follow Bitcoin’s footsteps.
Ethereum (ETH) is currently trading at $1,201 at the time of writing, having surged past the crucial level of $1,100 recently, which has not been reached since 2018. Many in the crypto community have commented that ETH has not reached its all-time high, and is unlike Bitcoin, however, Wall Street veteran Raoul Pal suggests that ETH has more in store.
According to the Real Vision Group CEO, Raoul Pal suggests that Ethereum could have the same price potential as Bitcoin. Pal added that according to Metcalfe’s Law, Ethereum is looking like Bitcoin, which could be the key to the price of Ethereum and Bitcoin. Pal explained:
The Metcalfe's law suggests that a network’s value is proportional to the square of the number of nodes in the network, including computers and users. The law, which includes network effects have been made an essential component of the success of digital businesses.
Raoul Pal also added that the Ethereum market capitalization is growing faster than Bitcoin at the same point. The Real Vision CEO suggested that Ethereum might well go up to $20,000 in this bull cycle, which was what Bitcoin achieved in the last bull cycle. However, Ethereum’s market capitalization will be even bigger. He added: Ethereum could be bigger than Bitcoin by market cap