One of the best known in the cryptocurrency industry investors and bitcoin Evangelist Mike Novogratz said that the market has finally passed the “bottom” and further ways down from him anymore.
About the founder and head of kleptomanka Galaxy Digital wrote on Twitter, accompanied by a message schedule Crypto Galaxy Bloomberg Index (BGCI).
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 September 2018
Given the schedule, he said, shows that the market has reached the point where he was in the middle of November last year, just before the beginning of an impressive bull market rally and rising prices of bitcoin to $20,000.
Galaxy Crypto Bloomberg Index shows the performance of the most liquid crypto currencies relative to the U.S. dollar.
On Wednesday, the total capitalization of crypto-currencies fell to the lowest point this year, then Bloomberg, Michael Patterson said that the fall of the stock market in 2018 was worse than the collapse of the dotcom bubble in 2000. Such a comparison he made on the basis of the data of the Nasdaq composite index, according to which the fall of the dotcom market in 2000, with a peak to the lowest was 78%. At the same time Wednesday, the fall of cryptocurrencies since the beginning of 2018 was 80%.
However, the next day the market showed a marked recovery – total capitalization rose above $200 billion, and the most significant growth showed the second capitalization cryptocurrency Ethereum, which increased in price more than on 18% and returned to values above $200.
Bitcoin for the last day increased by 2.1% and at the time of publication (05:00 UTC) is trading around $6550.
We will remind, CoinDesk analyst Sebastian Sinclair on the eve expressed the view that for the beginning phase of sustained growth the price of bitcoin need to reach $8500.