Ethereum Price Rises Following The Bullish Prediction By Mike Novogratz

Just when people can’t stop gushing about the Bitcoin wave, comes another set of good news for crypto enthusiasts in the form of Ethereum whose price crossed over the $400 benchmark again this year. The price hiked upto to $425.55 registered on Thursday as an early Thanksgiving gift registering about 16% gain within a time period of 24 hours. The uptrend continued the Friday as well as Saturday.

According to Cryptocurrency Exchange Poloniex, Ethereum made an all-time high at $482 on November 25, Saturday. The price of Ethereum a the time of publishing this article was $463.

Previously the price of Ethereum had reached the record high figure crossing $400 in the month of June registering a price of $414.76 which was followed by its price hovering below for quite some time. The major catalyst behind the price boom of Ethereum was the reversal of a bearish prediction made by Mike Novogratz, a billionaire cryptocurrency investor and former Wall Street hedge fund manager.

Also Read: Bitcoin Price May Touch $10,000, says Hedge Fund Legend Mike Novogratz

After Ethereum crossed the $400 barrier for the first time in June, Novogratz sold off a lion’s share of his Ether holdings stating that:

“I think we may have put the highs in for the year in Ethereum, and you’re going to slowly consolidate.”

This call shaped out to be prescient with Ethereum price staying below the benchmark price until it again touched the $400 boundary on Thursday. Co-incidentally, this was also propelled by an announcement made by the influential investors during his interview aired in Bloomberg TV on Tuesday where he was quoted as saying,

“Just in the last few days Ethereum has started to move, and I actually think it’s going to put a new high soon.” 

Starting from that time, it took exactly 48 hours for Ethereum to gather up all its strength and shine bright on the price radar. He had predicted that, “I think we end the year at close to $500 in Ethereum,” before adding that Bitcoin which has secured the numero uno slot in the crypto ladder with a price of $8300 will cross the $10,000 barrier within the end of 2017.

“There’s a lot of positive things happening in the Ethereum ecosystem,” pointed out Novogratz, who had started raising corpus recently for his latest hedge fund focussed on cryptocurrencies. Novogratz indicated that the depleting trust of investors on financial institutions and fiat currencies given the crash of 2008 is fuelling up the growth prospects for alternative currency forms such as Bitcoin and Ethereum.

The price of Ethereum has increased by more than fifty times in the current fiscal. Ethereum would need another 25% rise starting from its $400 mark to reach $500 figures within the end of 2017. Business houses are showing increased interest in Ethereum which has a market capitalisation exceeding $40 billion as a viable medium of operation. This can fuel up the growth drive of Ethereum in days to come. Hewlett Packard Enterprise recently showcased an application for powering the iRobot’s Roomba vacuum cleaner using the Ethereum protocol.

Another candidate of the crypto brigade, Bitcoin Cash which resulted out from 1^st August’s hard fork soared up by 19% on Friday and was been traded at $1789.05. The price surge of Bitcoin Cash had dethroned Ether for a brief moment as the second largest cryptocurrency in the beginning of this month.

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Tarunima Ghosh Laha is a Finance Post Grad from St. Xaviers who believes Finance is more than just Balance Sheets and Ledger creation. This filmy bookworm who believes she was a sloth in past life also nourishes a penchant of owning a private zoo someday. Equipped with a laptop and online Lexicon she is all set to give finance a glamorous makeover in the form of exciting writeups with bang on info and flashy new words.