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.
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