After Bitcoin set a historical high of 123,000 dollars on July 14, it has now retreated to the 115,000 dollar level. However, Galaxy Digital CEO Mike Novogratz remains optimistic about the future of cryptocurrencies and boldly predicts: Bitcoin is expected to rise to 150,000 dollars this year, and Ethereum's performance will outperform Bitcoin in the next 3 to 6 months.
This heavyweight figure, who is well-respected on Wall Street and in the cryptocurrency space, stated in an interview with (CNBC) that institutional funds are flooding into the second-largest cryptocurrency, and the future potential of Ethereum should not be underestimated.
According to CoinGecko data, the current trading price of Ethereum is approximately 3,676 dollars, reaching a new high this year of 3,848 dollars on Monday. Although it is still 24% away from the historical high of 4,878 dollars in 2021, the strong rebound in recent months has restored investor confidence, and market sentiment continues to warm up.
Mike Novogratz said: "I believe that in the next 3 to 6 months, Ethereum is very likely to outperform Bitcoin. The narrative around Ethereum is currently very strong."
He added that the price of Ethereum has significantly rebounded, and if the trend continues, it will soon regain the 4,000 dollar mark.
Mike Novogratz believes that the recent surge in Ethereum is primarily due to significant institutional buying, for example, BitMine recently made a large purchase of Ethereum, with the current holding value reaching 2 billion dollars, making it the publicly listed company holding the most Ethereum globally; similarly, SharpLink Gaming, listed on Nasdaq, has also purchased over 1.3 billion dollars in Ethereum since incorporating it into its asset allocation in May.
In addition, investor enthusiasm for Ethereum spot ETFs has also significantly increased. According to SoSo Value data, a total of 726 million dollars flowed into 9 Ethereum ETFs in the U.S. last Wednesday, setting the best single-day performance ever, with a total net inflow of over 2.1 billion dollars last week.
While being optimistic about Ethereum, Mike Novogratz also estimates that Bitcoin still has a chance to challenge the 150,000 dollar mark this year.
"Firmly believe that 'BTC will soar to 150,000 dollars this year'! Mike Novogratz: But ETH's rise will be even stronger" this article was first published on (Blockcast).
