Mike Novogratz predicts Ethereum might hit $2,200 or more before its Merge release.
As the date of the Merge upgrade draws closer, Ethereum has emerged as the front-runner in the cryptocurrency sector.
In an interview with Bloomberg TV, Galaxy Digital founder and crypto billionaire Mike Novogratz said that the world’s second-largest cryptocurrency might reach $2,200 or more at its peak in the run-up to its much-awaited upgrade, also known as The Merge. At the time of this writing, the price of Ethereum is $1692.
Mike Novogratz says Ethereum could reach $2,200 or higher at the top of its range, given the momentum ahead of its software upgrade known as the Merge https://t.co/XHzSW4dHvF pic.twitter.com/QC8ZYRdjXv
— Bloomberg TV (@BloombergTV) August 8, 2022
Novogratz is well-known for his price predictions of cryptocurrencies, especially Ethereum (ETH) and Bitcoin (BTC). However, in contrast to his prognosis about ETH, the investor thinks that the price of BTC will not exceed $30,000 any time in the near future.
Novogratz isn’t the only one bullish on ETH right now. According to the statistics recently published by CoinShares, Ethereum received $16.3 million from various institutional investors throughout the past week. Over the course of the last seven weeks, Ethereum has received more than $159 million in net inflows.
Furthermore, the derivatives market for Ethereum (ETH) has increased dramatically; As reported by The Crypto Basic, according to the most recent report by the blockchain analytics company Glassnode ETH has now exceeded BTC for the first time in the options market. According to Glassnode, the $6 billion worth of open market interest in ETH options has surpassed the $4.8 billion of BTC.
“Ethereum options open interest at $6.6B is now higher than for Bitcoin at $4.8B. Whilst, not an all-time-high yet, ETH options OI is close to setting a new one.”