Bloomberg Strategists Explain Why Ether Is On Track To Reach $5,000 Very Soon

<p>Bloomberg has issued its September Crypto-Outlook report, which focuses on Ethereum, the world's second-largest cryptocurrency. As with the August report, certain points remained. Among them is the fact that Ethereum is poised to dethrone Bitcoin in the long run.</p> <p>According to Bloomberg, Ethereum is on track to surpass $5,000 in the near future</p> <p>While proponents of Ether are predicting a price breakthrough to $4,000, Bloomberg sees $5,000 as a fairly feasible price goal. The declining supply of Ethereum is fueling the bullish trend, as is the fact that Ethereum is a key denominator for NFTs, the popularity of which is directly impacting Ether's pricing by tilting the demand vs supply balance to the optimistic side.</p> <p>“Ethereum appears to be in a strong position to continue its price appreciation. In Sept. 2, the second-largest cryptocurrency is trading at approximately a 10% discount to its top, and non-fungible tokens (NFTs) are rising demand for what is rapidly becoming the internet's money, while incremental supply is decreasing owing to a recent upgrade.”</p> <p>Ethereum will soon dethrone Bitcoin and seize the lead</p> <p>Additionally, Bloomberg notes that the thoughts expressed by analysts who believe Ether has the capacity to dethrone Bitcoin are backed up by data. Even after highlighting this possibility in a previous analysis, Bloomberg strategists make a point of reiterating it.</p> <p>“Ethereum outperforming Bitcoin has been a hallmark of crypto bull markets, and we believe the odds are stacked in Ethereum's favour since the 2019 bottom. By simply following, the No. 2 crypto can be added to the list of proxies for the No. 1 to attain the $100,000 threshold.”</p> <p>Even more optimistic is the fact that Ethereum is one of the most popular cryptocurrency assets. This has been the case for several years, and Bloomberg believes it could last much longer, similar to how Amazon dominated the e-commerce business.</p> <p>“The trend in crypto-assets is increasing dollar domination, f