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Michael Novogratz predicts the new highs of Ethereum

Tuesday, 21 November 2017

Investor and founder of crypto-currency hedge funds Mike Novogratz said that the Ethereum is ready to reach new record highs in the short term.

Over the past few weeks, the daily volume of sales of the air has grown significantly, mainly due to the South Korean market of cryptocurrencies. After the government of South Korea introduced a nationwide ban on the initial deployment of tokens (ICO) in October, the demand for airwaves and its price in South Korea declined.

Now the South Korean stock market of Ethereum, which accounts for more than 33% of the world market, has recovered and intends to become the leader, ahead of the US. Within 24 hours, the price of the Ethereum has grown by almost 8% - from $ 325 to $ 358.Contrary to the predictions of analysts, the successful Byzantium hail did not lead to a sharp rise in prices, and the price of the Ethereum long tried to overcome the $ 300 mark. However, the market has started to demonstrate optimism towards the network stability of Ethereum after the Byzantium hard fork, and significant progress being made with both on-chain and off-chain scaling solutions such as Plasma, sharding, and Casper.

Vitalik Buterin, the co-founder of Ethereum, revealed that several investors have inquired Buterin if the Ethereum Foundation intend to pursue ICOs for sharding and Casper.

"I just had another person ask me if Casper and sharding will be a new coin and if so will there be an ICO. This makes me cry,"
said Buterin
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As CCN previously reported, Buterin has spoken out against open-source scaling projects conducting ICOs, especially those that are not in need of specific crypto-tokens to function.It is optimistic that investors and the market are enthusiastic in regards to scaling solutions and projects within Ethereum, as shown in the recent price trend of Ethereum.Coinbase CEO Brian Armstrong revealed earlier this week that $10 billion in institutional money is awaiting to be invested into the cryptocurrency space, after launching Coinbase Custody, a cryptocurrency custodian platform for institutional and retail investors.

"By some estimates there is $10B of institutional money waiting on the sidelines to invest in digital currency today,"
said Armstrong.
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Most institutional investors are planning to invest in Bitcoin by the end of 2017, upon the launch of CME's Bitcoin futures exchange. Man Group for instance, the $95 billion hedge fund, announced its finalized plans to invest in Bitcoin. As tens of billions of dollars in institutional money shift from the traditional finance sector to Bitcoin in the upcoming weeks, Ethereum, as the second largest cryptocurrency in the market, will benefit from the increase in interest of institutional investors towards the cryptocurrency market.