Ethereum has gained ground recently, especially among institutional investors, who believe that the leading altcoin is about to surpass Bitcoin. This is evidenced by the large purchases that have dominated ETH, as Ethereum treasury companies become a key player in the market. In this context, billionaire and CEO of Galaxy Digital Investments, Mike Novogratz, revealed the key level that Ethereum needs to surpass to enter price discovery.
In an interview with SquawkBox, Novogratz highlighted Ethereum's recent strength amid a rapid accumulation as a reason to consider it a better option than Bitcoin. The main reason to consider ETH a better option than BTC right now is the growing popularity of Ethereum treasury companies, with two ETH treasury companies, such as SharpLink and GameSquare Holdings, already established and others on the way. As these companies continue to accumulate ETH, the billionaire explains that, with a limited supply, the price of Ethereum is likely to rise. He also mentions that Ethereum has a very powerful narrative, and that the market reaching record levels of short positions has also contributed to his optimism.
In light of this, Novogratz explained that the price of Ethereum is destined to reach $4,000 multiple times. Furthermore, once the altcoin surpasses $4,000, the billionaire believes that the price of ETH will enter a price discovery period, which could drive it even higher. Given that Ethereum still seems like the best option, he also believes that the altcoin could eventually surpass the price of Bitcoin in the next 3 to 6 months. This suggests a short time frame, especially since Bitcoin has already reached several new all-time highs in the last year, and Ethereum has yet to surpass its highs from 2021.
So far this July, the price of Ethereum has significantly outperformed Bitcoin in gains, confirming Novogratz's expectations that the altcoin will surpass the pioneering cryptocurrency. According to data from CryptoRank, ETH has already risen more than 45% this month, compared to less than 8% for Bitcoin. Over the last 90 days, the price of Ethereum has doubled, recording gains of over 100%. Meanwhile, Bitcoin's gains remain slightly above 22% during the same period. However, Bitcoin continues to dominate the market, with BTC dominance above 61%, keeping the altcoin season at bay.
