Bitcoin is up 3.4% in last seven days, while Ethereum is up 8.8%
David GochsteinThe founder of Gokhshtein Media, says he would not currently go with ETH over BTC for no other reason than based purely on returns. A look at the seven-day returns of both Bitcoin and Ethereum shows that ETH is outperforming in this regard.
Bitcoin is up 3.4% in the last seven days, while Ethereum is up 8.8% in this regard. The reverse can be seen on longer time frames, with BTC outperforming ETH both on the 30-day and yearly timeframes.
According to CoinGecko data, bitcoin is down 16.2% and 69.9% over the past 30 days and year-to-date, respectively. ETH, on the other hand, is down 18.2% over the past 30 days and 72.3% on the year.
Following the Merge upgrade, several experts expect that Ethereum will outperform Bitcoin due to its new deflationary cryptocurrency appeal. Ethereum transitioned from the proof-of-work (POW) to the proof-of-stake (POS) mechanism in mid-September, which slashed its energy usage by 99.95%.
Ethereum is also seeing intense attention from whales who continue to accumulate. Over the past week, on-chain analytics firm Sentiment reported that Ethereum “large whales”, ranging from $10.9 million to $1.09 billion, added 947,940 ETH in the fifth-largest single-day addition in the past year.
Another encouraging sign for the ETH network is an increase in active and large key addresses, with the number of 100 to 100,000 ETH holder addresses reaching a 20-month high.
This is not to say that Gochstein is not bullish on BTC price action. As reported by U.Today, Gochstein commented on the future price of bitcoin, predicting it could reach $250,000 per coin.
