In a recent statement, famous economist Timothy Peterson discussed the performance of Bitcoin and Ethereum, two of the most important cryptocurrencies in the market. Peterson's analysis suggests that Bitcoin is likely to outperform Ethereum in 2024.
“In Years Where Ethereum Has Outperformed Bitcoin, It Does This Early in the Year”
Peterson presented a chart showing the daily performance of Ethereum's price in terms of Bitcoin (BTC) for various years scaled to 2024. Chart, “Will Ethereum beat Bitcoin?” It brings up the question.
According to Peterson, in the years when Ethereum (ETH) outperforms Bitcoin, it does so early in the year. Therefore, he argues, Ethereum appears unlikely to outperform Bitcoin in 2024, despite upcoming ETF listings.
Interestingly, Peterson points out that the median line on the chart is not the middle ground. This line is calculated using the daily compounded median return of Ethereum in terms of Bitcoin. This calculation implies that Ethereum's long-term outperformance over Bitcoin is largely due to a few exceptional periods of rise rather than a consistent uptrend.
*This is not investment advice.
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