Galaxy Digital CEO Michael Novogratz has stated that growing institutional interest in Ethereum could lead to a supply shock and price surge.
Ethereum Growth Predictions
Michael Novogratz noted that the limited supply of Ethereum positions it to potentially outperform Bitcoin in the next three to six months. He mentioned that if Ethereum exceeds $4,000, it will enter a new price discovery phase. As of now, Ethereum trades at $3,618.
Positions of Major Companies
Recently, major companies like Sharplink Gaming and BitMine Immersion Technologies have increased their Ethereum holdings. BitMine reported possessing 566,776 ETH worth approximately $2.03 billion, while Sharplink holds 360,807 ETH, amounting to about $1.29 billion.
Bitcoin Prospects
Despite the positive outlook for Ethereum, Novogratz also indicated that Bitcoin has the potential for growth. He set a target of $150,000 for Bitcoin, stating that current market conditions suggest further upward movement if the trend continues.
Thus, the growing institutional interest in Ethereum and significant purchasing activities by major companies could drive price increases, while Bitcoin remains a focal point for analysts.
