The market crash experienced in the past days caused many cryptocurrencies to lose value at high rates. Due to this sudden collapse, the market has become dizzying. While most cryptocurrencies have continued to recover since then, Ethereum has far outstripped Bitcoin's recovery.
Led by the flagship Bitcoin (BTC) in the cryptocurrency ecosystem, a retreat phase has been entered in the ecosystem. The largest altcoin Ethereum became the most important cryptocurrency to keep up with the recovery in the market. While ETH has not yet crossed the $5,000 threshold, analysts' expectations for the coming period are positive.
Raoul Pal, former director of Goldman Sachs, announced his positive expectations for the leading altcoin Ethereum. Pal has been a staunch supporter of Ethereum for a long time. He also made it clear that he allocates a significant portion of his crypto portfolio to ETH.
In a recent interview, Raoul Pal revealed his positive expectations for the leading altcoin Ethereum. Pal claimed that Ethereum could close the year above $10,000. Referring to the current market situation, the famous economist said that such movements are quite normal due to the nature of crypto.
While Raoul Pal claimed that Ethereum could reach incredible numbers by next summer, he explained his claim with the following words;
“I am considering best case possibilities with no certainty. I still think ETH will end this year closer to $15,000 rather than $10,000. It's just the nature of what's going on right now that there is a negative outlook with chart patterns.
It's unlikely to hit the $40,000 level by summer. This is because of the betting cycle and how the charts look. This is not my personal opinion. My personal opinion and analysis is that it will reach the level of 20,000 dollars by March at the latest."
While many analysts and investors continue to present a significantly positive outlook for the hottest altcoin, Ethereum, it is also true that its dominance in the market is increasingly being questioned by its new-age rivals. These new age blockchains already offer features similar to those brought by ETH 2.0. These include Solana, Terra, Avalanche and Cardano, all of which are rapidly evolving and developing DeFi ecosystems.
Raoul Pal stated the following on this subject:
"I think Solana will outperform ETH in the loop. I think Terra will also outperform ETH."
Pal explained why he preferred Ethereum, regardless of his belief in competitors:
“I have less certainty because the network effects are less obvious. Therefore, I have to place a smaller bet. But I don't think ETH will stop rising.”