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Ethereum Rises To $ 2,600 This Cycle – Mike Novogratz

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The Greatest Opportunity Of Our Lifetimes – Mike Novogratz of Galaxy Digital

Ethereum Rises To $ 2,600 This Cycle - Mike Novogratz

Ethereum Rises To $ 2,600 This Cycle – Mike Novogratz
CONTENT

  • Ethereum sets new price record and approaches key resistance of $ 1,500

  • Galaxy Digital CEO Mike Novogratz claims Ethereum could hit $ 2,600 in this bull cycle

  • Total ETH Blocked in DeFi Protocols Reaches $ 26.5 Billion

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Ethereum Rises To $ 2,600 This Cycle - Mike Novogratz

Ethereum set new ATH at $ 1480 in the Asian session on January 25, 2021, breaking the previous high set at $ 1467 during the 2017 bull cycle.

Bitcoin has already doubled its price from the previous record price, now it’s time for ether. Many industry experts expect the second largest cryptocurrency to grow similarly.

Michael Novogratz, renowned hedge fund manager and early Bitcoin investor, thinks ETH / USD will jump to $ 2,600 soon.

Novogratz leads Galaxy Digital, a financial services company that actively invests in Bitcoin and ETH.

I had lunch with @ethereumJoseph today. Always makes me want to buy more $ eth. Nice start to the week. Chart targets 2600.

– Mike Novogratz (@novogratz) January 25, 2021

Ethereum will overtake Bitcoin in 2021

Traditionally, the Ethereum rate follows the dynamics of Bitcoin, while the coin has already shown significant growth since the end of last year. In March 2020, ETH was worth about $ 120. Since then, it has risen in price by almost 1300%. Bitcoin is up nearly 800% over the same period.

Ethereum Rises To $ 2,600 This Cycle - Mike Novogratz

Ether supporters also point out that in bitcoin terms, the coin is still far from historical highs. The dynamics of the ETH / BTC pair is often used to assess the relative strength of a cryptocurrency..

At current prices, it is 70% below the record set in June 2017. To overcome it, Ether must vastly outperform Bitcoin in terms of growth..

Ethereum chart: CoinGecko

Some experts believe that Ethereum will continue to repeat the dynamics of bitcoin, but there are those who see great potential in it. Ethereum 2.0’s successful soft launch in December 2020, marking the start of a smooth transition to a proof of stake algorithm, set the stage for a solid price rally.

A solid foundation will provide a powerful boost to prices in 2021. According to the latest report in Bloomberg, experts from the analytical company Fundstrat Global Advisors believe that Ethereum will surpass the $ 10,500 mark. In their opinion, the coin now offers a better risk-reward ratio.

Fundstrat strategist David Greider also links the explosive growth of Ethereum to the flourishing of the decentralized finance industry (DeFiDecentralized finance (DeFi) is a financial services built on blockchain technology that offer users access to an open, efficient and … More). As of this writing, over $ 26 billion in assets have been frozen in DeFi protocols.

Jeremy Aleer, CEO of payment service Circle, shares this view. He predicts “explosive growth” in the DeFi industry.

Ethereum will outperform other altcoins in a bull cycle

The full deployment of the staking function on the Ethereum protocol will lead to a long freeze of a large number of coins. Such a reduction in ETH in circulation will be the same impetus for a price increase, as halving Bitcoin halving cuts the number of new coins created and earned by miners in half. This happens about every four years and … More for bitcoin.

Ethereum Rises To $ 2,600 This Cycle - Mike Novogratz

Given that the proof-of-stake algorithm is still several years away from full deployment, the market has time to price the scarcity of ETH. Not all coins are enjoying exponential growth, but traders are confident that altcoin season is on its way.

In 2017, most altcoins only began to rise after BTC peaked and went down. Will history repeat itself this time? We’ll find out soon.

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