The chief executive of crypto investment firm Galaxy says that Ethereum (ETH) looks primed to outperform Bitcoin (BTC) in the coming months.
In a new interview with CNBC Television, Mike Novogratz says that if the top altcoin were to hit the $4,000 price tag again, it would trigger a “price discovery” phase for the asset, one that could see it outpace the crypto king.
“Ether is caught up a lot. It feels like if ETH takes out $4,000, it goes into price discovery. And so we feel kind of destined to at least knock on the $4,000 ceiling a few times. The narrative [that] Ether is really powerful in the market was really short.
And now we have not just one, we have two major ETH treasury companies and another one coming, and they’re raising capital every day and buying Ether. And so there’s not a lot of supply of ETH, and so I think ETH probably has a chance of outperforming Bitcoin in the next three to six months.”
Ethereum is trading for $3,756 at time of writing, a 4% gain on the day.
Moving on to the crypto king, the billionaire says that the top crypto asset by market cap appears destined to hit a price tag of $150,000.
“We’re in price discovery [for] a lot of these things. And so $150,000 seems to me a decent target…. We have seen sellers that have come in, and so it’s not a one-directional trade. There have been some sellers that have come in and have slowed things down, but it feels like we’re destined to go higher as long as this narrative continues.
If Trump changes his mind, you know, and says, hey, we’ve done such good work, the economy doesn’t need lower rates, that would that would, you know, that would change my thesis. But until that happens, I think we’re headed towards $150,000.”
BTC is trading for $119,328 at time of writing, a 1% gain during the last 24 hours.
