The crypto market is in doldrums, stuck at very depressed levels. The sell-off hasn’t spared top cryptos as well. An analyst, however, is confident of cryptocurrencies outperforming safe havens and also weighed in with a comparison between the top two digital currencies.

What Happened: Among the top cryptos, second-ranked Ethereum ETH/USD will outperform Bitcoin BTC/USD, the apex crypto, noted economist and investor Raoul Pal said in an interview with YouTube channel Crypto Banter, as reported by Dailyhodl.com.

Bitcoin exchanges more value than Ethereum each week, with total value and number of active BTC wallets higher than those of ETH, the economist said.

However, the rate of change in these two values is higher for Ethereum, he noted. This why Ethereum has been outperforming Bitcoin over the past few years. Pal also suggested he is more bullish on Ethereum than Bitcoin. He expects the whole digital asset space to outperform safe havens because of their higher beta.

“If you’re in an exponential uptrend because you’re in a network adoption model for the entire space, not just for Bitcoin, then it should outperform over time. It’s as simple as that,” Pal reportedly said.

Related Link: How to Buy Bitcoin

Why It’s Important: Bitcoin and Ethereum are fundamentally similar in the sense they are based on the principles of distributed ledgers and cryptography. Both currently use a consensus protocol, called “proof-of-work” for vetting transactions, although Ethereum is set to move to a system called “proof-of-stake” as part of the Eth2 upgrade. PoS is less energy-intensive than PoW.

Bitcoin was created as an alternative to fiat currencies, to serve as a medium of exchange and a store of value. Ethereum, however, was developed as a platform to facilitate immutable programmatic contracts and applications.

At press time, Bitcoin was trading 0.83% higher at $29,300.07, according to Benzinga Pro. Ethereum was advancing 1.12% to $1,808.12.