Bloomberg has released its September Crypto-Forecast report, which also includes the second largest cryptocurrency Ethereum. Some things in the previous report in August remained unchanged. One of them is the fact that Ethereum is poised to dethrone Bitcoin in the long run.
Bloomberg is confident Ethereum is ready to break $5,000 in the near term
While other Ether advocates expect the price to jump to $4,000, Bloomberg sees $5,000 as a fairly attainable price level. The dwindling supply for Ethereum and the fact that the Ethereum platform is the main source of the now popular NTFs are fueling the price rise of ETH.
“Ethereum seems well positioned for further price increases. As of Sept. 2, crypto #2 is trading at around 10 percent off its peak, and as non-fungible tokens (NFTs) drive demand for what has become the internet’s money, so does the increased supply due to the recent upgrade.”
Ethereum will eventually surpass Bitcoin to take the lead.
In addition, Bloomberg observes that the predictions of analysts who argue that Ether has the potential to dethrone Bitcoin are supported by data. Although Bloomberg strategists have mentioned this fact in their previous reports, they continue to express this fact every time.
“Ethereum, outperforming Bitcoin, is typical for crypto bull markets and we see possibilities for it to continue to hold its course since the 2019 low.”
Even more encouraging is that Ethereum is on the trending crypto assets list. This has been the case for several years, and Bloomberg argues that ETH could continue for much longer as Amazon takes over the e-commerce market.
It is important to note that bullish reports on Ether do not mean that strategists are in a downtrend in Bitcoin. In fact, Bitcoin bulls are in control and the asset could easily reach $100,000 this year, although BTC is struggling to maintain momentum above $50,000, according to Bloomberg analysts.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.