Mike Novogratz forecasts Ethereum price to reach $5,000

Galaxy Digital founder Mike Novogratz, in an interview with New York Magazine, forecast Ethereum to rise to the $5,000 level.

According to him, this is driven by a combination of three factors:

• payments apps and stablecoins;
• decentralised finance;
• non-fungible tokens (NFTs).

“And you start to believe that this [Ethereum] will become a supercomputer that authenticates everything that happens. … I am almost 100% sure that this [Ethereum price rise] will occur — it’s just mathematics,” Novogratz explained.

He cautioned against making forecasts ‘at the top of the market’. Yet the investor is confident that Ethereum will reach the $5,000 mark.

Novogratz also said that 85% of his portfolio is made up of cryptocurrencies. He urged investors to tread carefully and advised taking profits to buy a house, a car or at least a new cool jacket.

On May 12, Ethereum reached a new all-time high of $4350. As of writing, the digital asset trades at around $3450, according to CoinGecko.

Earlier in March, Novogratz said that Bitcoin’s market capitalization would inevitably reach and surpass the total market value of gold.

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