Bitcoin Rises 270% Since 2022, Ethereum Stagnates—Is ETH Still Overvalued?

Ethereum may have bounced back a little in April, but that hasn’t stopped Bitcoin supporter Samson Mow from taking another shot at it. Mow, who’s long been critical of Ethereum, says it’s still way overvalued. He points out that while Bitcoin has surged about 270% since 2022, Ethereum hasn’t kept up.

In Mow’s view, Ethereum has too much supply and doesn’t have the strong fundamentals to back up its current price. He also questions its long-term value, saying it lacks the simplicity and solid foundation that make Bitcoin stand out. According to him, the market is giving ETH more credit than it deserves. Many Bitcoin fans agree with Mow, calling Ethereum overhyped and complicated. But on the other side, Ethereum supporters argue that it plays a huge role in powering things like NFTs, DeFi apps, and smart contracts—tools that could shape the future of the internet.

Bitcoin Surges While Ethereum Stagnates

Ethereum is currently trading near $1,558, almost unchanged from its August 2022 price of $1,600. Meanwhile, Bitcoin has rocketed from $21,500 to over $82,000 in the same timeframe—an explosive 270% gain.

Bitcoin maximalist Samson Mow seized on this disparity to challenge ETH’s value once again. Reposting an old tweet from 2022, the JAN3 CEO noted that Ethereum’s fundamentals simply don’t support its price, especially compared to Bitcoin’s capped 21 million supply and adoption trajectory.

Premined Supply at Core of Ethereum Overvaluation Claims

A major part of Mow’s argument rests on Ethereum’s supply dynamics. While Bitcoin’s supply is capped, Ethereum has a circulating supply of over 122 million tokens. Notably, Mow claims 60% of ETH was minted out of thin air during its early launch phase—72 million coins were premined before public mining even began.

Using Bitcoin’s scarcity model, Mow provocatively argued that if ETH had a supply of just 21 million, like BTC, its price per token could have been around $9,300. Instead, he insists Ethereum is overvalued due to this high token count and early distribution practices.

ETH Still Sensitive to Macro Forces as Debate Intensifies

Despite being promoted as a utility platform, Ethereum remains sensitive to macroeconomic shocks. Just last week, ETH dropped to a multi-year low of $1,380 as global trade tensions escalated. However, it quickly rebounded to $1,680 after President Trump temporarily paused new tariff hikes—except on China.

This volatility highlights how both Ethereum and Bitcoin react strongly to geopolitical events, despite their differing use cases. While BTC is viewed as “digital gold,” ETH continues to straddle roles between a utility asset and an investment vehicle.

Conclusion: Ethereum Overvalued or Underrated? The Debate Rages On

Mow’s latest comments are part of a larger, ongoing narrative among Bitcoin maximalists, who argue that ETH’s high supply and technical complexity make it a risky long-term bet. With Bitcoin hitting all-time highs and Ethereum lagging, the spotlight is back on ETH’s valuation and future prospects. As debates over the right Ethereum price forecast heat up, investors must decide whether they view ETH as a bloated asset or a foundational layer for the future of decentralized finance.