By Gaurav S. Iyer, IFC Published : November 15, 2017
Speaking at a contemporary conference, Wall Street tycoon Mark Novogratz predicts that Big Money is headed to the cryptocurrency home, and it could very correctly carry Ethereum “much higher.”
If you aren’t conscious of Novogratz, proper right here’s a quick bio.
He is a billionaire whose fortune was made on hedge funds, most iconically at Fortress Investment Group LLC (NYSE: FIG). In the ultimate yr, he’s grown fascinated by cryptocurrencies. So so much so that he invested 10% of his wealth in the crypto home.
Also, Novogratz primarily based a hedge fund dedicated to investing in cryptocurrencies. He clearly believes there’s nice potential on this funding class, which is a level he hammered home on the Reuters Global 2018 Investment Outlook Summit.
Imagine you could possibly select up the phone and order a Bitcoin commerce. “When it’s that easy, the price of bitcoin or ethereum is going to go much higher,” talked about Novogratz. “And that is a lot closer than people think.” (Source: “Institutional investors close to adopting bitcoin, says ex-Fortress executive Novogratz,” CNBC, November 13, 2017.)
Put one different technique, Novogratz thinks that Big Money is headed within the route of the cryptocurrency home. And judging by the final crypto market cap, I see his stage.
Cryptocurrencies have risen larger than 116% since their three-month lows. The current market cap is spherical $219.7 billion, far above what most analysts had been predicting in the middle of the summer season, and even September.
In actuality, my prediction of $215.zero billion by the tip of 2017 seems tame compared with actuality. It was not bullish enough. Nevertheless, the required takeaway is that Ethereum prices are benefitting from this macro improvement.
The Ethereum to USD commerce price rose from $328.24 to $336.68 inside the ultimate 24 hours, an increase of 2.57%. That talked about, the Ethereum to Bitcoin price fell 4.56% to zero.04804360 BTC.
Daily Ethereum Chart
We strongly agree with Novogratz’s sentiment on ETH prices. As such, we protect our place that ETH is headed first to $400.00, then to our $1,00zero Ethereum value forecast.