Mike Novogratz: the cryptocurrency market has reached a bottom
Founder and CEO of investment firm Digital Galaxy Capital Management Mike Novogratz (Michael Novogratz) wrote on Twitter that the cryptocurrency market has reached a local bottom and the data markers will begin a new phase of growth.
His statement he confirmed the fact that the Bloomberg Galaxy Crypto (BGCI), showing the behavior of the largest crypto currencies relative to the U.S. dollar, reached, from which last year the digital currency began a rapid upward movement.
This is the BGCI chart…I think we put in a low yesterday. retouched the highs of late last year and the point of acceleration that led to the massive rally/bubble… markets like to retrace to the breakout..we retraced the whole of the bubble. #callingabottom pic.twitter.com/EasTBYgjSj
— Michael Novogratz (@novogratz) 13 Sep 2018
In July, the Novogratz spoke at the conference Beyond Blocks in South Korea, which stated that the cryptocurrency space will soon join the many financial institutions. According to him, it will happen in the next 2-3 years, but the massive spread of the cryptocurrency and the blockchain will happen not earlier than in 5 years, because at the moment there is a deterrent in the form of “the rising cost technical talent.”
It should be noted that the Novogratz in positive statements is not restrained by the fact that his firm Galaxy Digital is going through hard times due to the prolonged bearish cycle in the cryptocurrency market. According to the report, for the first quarter of 2018, the net loss was $134 million, of which $85.5 million are the losses from investments in cryptocurrencies. As of March 31, the firm had assets of $281.7 million, of which $225.8 constitute digital assets and investments.
Meanwhile, the cryptocurrency market capitalization increased by $11 billion after strong sales. All digital currency from the top 20 are in the “green zone”, and the leader of the fall Ethereum was able to show growth up to 224$, which is 34% of the local bottom. At the moment, bitcoin is trading at 209$. Bitcoin has failed to gain a foothold above $ 6500$, the coin is trading in the range of ~6400$. Index of dominance the first cryptocurrency is 56.0%.