Menu

Categories:

Hot right now:

Follow on:

Coinsurges provides coverage of fintech, blockchain, and Bitcoin, delivering the most recent news and analyses on the future of money. Stay up-to-date with live prices, charts, and trading options for the top exchanges. Keep track of the day's top cryptocurrency gainers and losers, as well as which coins have experienced gains and losses in the past 24 hours.
Trust Coinsurges as your go-to source for all news and updates in the industry.

Menu

Categories:

Hot right now:

Follow on:

Coinsurges provides coverage of fintech, blockchain, and Bitcoin, delivering the most recent news and analyses on the future of money. Stay up-to-date with live prices, charts, and trading options for the top exchanges. Keep track of the day's top cryptocurrency gainers and losers, as well as which coins have experienced gains and losses in the past 24 hours.
Trust Coinsurges as your go-to source for all news and updates in the industry.

Bitcoin Maxi Takes Aim: Ethereum’s True Value? Lower Than You Think

Share This Post

Bitcoin maximalist Samson Mow has doubled up on his value criticism of Ethereum’s price, asserting ETH is still overvalued despite Bitcoin’s price almost quadrupling since 2022. The JAN3 CEO referred to the glaring disparity in performance between the two top cryptocurrencies over a near three-year span.

Price Gap Grows As Bitcoin Rises

According to data, Ethereum now sits at $1,558, essentially the same as its August 2022 price of $1,600. Meanwhile, Bitcoin has climbed from $21,500 to $82,302 – an eye-popping 270% rise. The widening gap has only served to bolster Mow’s contention that Ethereum’s price does not correlate with its fundamentals.

Mow re-tweeted his August 23, 2022 post this week to emphasize his steadfast stance. His criticism focuses on supply variations between the cryptocurrencies. Bitcoin has less than 21 million overall coins, while Ethereum boasts 122 million circulating tokens.

‘60% Minted Out Of Thin Air’ Claim Targets Ethereum’s Origins

Based on Mow’s quotations, about 72 million ETH tokens (approximately 60% of the supply) were premined at the time of Ethereum’s launch. Token creation before the start of public mining has been quite an issue for purists in cryptocurrency for some time.

Possibly, the Bitcoin maximalist suggested that if 21 million coins were all there would be in supply for Ethereum like in Bitcoin, then each ETH would be valued today at around $9,300. Mow is again targeting investors in Ethereum, saying they are paying too much for an asset whose supply is exaggerated.


Sensitive To Macroeconomic Forces

Ethereum recently fell to a multi-year low of $1,380 on the back of global tariff trade war tensions. The cryptocurrency bounced back immediately to $1,680 on April 9 after US President Donald Trump declared a three-month tariff tariff hike pause on various countries, with China being the exception.

These movements illustrate how both cryptocurrencies are still sensitive to macroeconomic forces even as they have different value propositions and market performances.

Long-Standing Campaign Against Ethereum Continues

This is not Mow’s first time criticizing Ethereum. He has been vocal against ETH for years. In November 2024, he cautioned investors that the fate of Ethereum could be the same as their favorite tokens.

Mow, who forecasts Bitcoin to hit $1 million this year, has told investors to sell everything, including Ethereum, and invest in Bitcoin instead.

The debate underscores deep-seated differences in cryptocurrency investment philosophies. While Bitcoin maximalists such as Mow focus on scarcity and Bitcoin’s “digital gold” status, Ethereum supporters highlight the platform’s smart contract abilities and wider applications ecosystem.

As the price differential between the two leading cryptocurrencies continues to expand, these debates regarding relative value and suitable pricing models draw greater interest from investors and market analysts in common.

Featured image from Reuters, chart from TradingView

Read Entire Article
spot_img
- Advertisement -spot_img

Related Posts

SEC Acknowledges Canary Capital’s Staked TRX ETF Filing

The post SEC Acknowledges Canary Capital’s Staked TRX ETF Filing appeared first on Coinpedia Fintech News The SEC has officially acknowledged Canary Capital’s filing for a Staked TRX ETF This

Wall Street Giants Join Forces to Launch Regulated Stablecoin

The post Wall Street Giants Join Forces to Launch Regulated Stablecoin appeared first on Coinpedia Fintech News JPMorgan, Bank of America, Citi, and Wells Fargo are teaming up to create a regulated

Singapore Crypto Awareness Hits High Despite Ownership Dip

Cryptocurrency ownership in Singapore has decreased, with nearly half of crypto users selling their holdings, as reported by the Independent Reserve Cryptocurrency Index The percentage of residents

Dogecoin (DOGE) Heats Up: Upside Move Hints at Major Breakout Ahead

Dogecoin started a fresh increase and climbed above the $02420 zone against the US Dollar DOGE is now correcting gains and might start another increase DOGE price started a fresh increase above the

Ethereum Open Interest Hits New Highs-Here’s Why ETH Price is Poised for a 50% Surge

The post Ethereum Open Interest Hits New Highs-Here’s Why ETH Price is Poised for a 50% Surge appeared first on Coinpedia Fintech News The Ethereum price was closely consolidating within a bullish

JPMorgan, BofA, and Wells Fargo Plan Stablecoin Launch Amid Crypto Disruption

The post JPMorgan, BofA, and Wells Fargo Plan Stablecoin Launch Amid Crypto Disruption appeared first on Coinpedia Fintech News As digital assets continue to reshape global finance, America’s