MIKE NOVOGRATZ INSIGHT ABOUT CRYPTOCURRENCY IN THE MARKET
It has been noted that for the past nine months now that the cryptocurrency marketplace has been seen as suffering from a declining segment, thereby forcing most of the altcoin price down 80 percent or more from the constantly all-time high. Bitcoin isn't excluded, “digital gold" has also shed 68 percent from its own very mid-December peak. Although, the wind, says billionaire Gazy digital founder known as Mike Novogratz is on the process of a shift.
Novogratz went on twitter saying that he strongly believes that the market was put in a low form when a widespread sell-off forced by the cryptocurrency market cap down to approximately $186billion, which marks as a very low approach for this year alone.
A retouch was been schedule compare to that of 2017 which point out the acceleration which led to a very massive bubble. Such a market is likely to retrace to a breakdown. It is possible to retrace the entire bubble.
The citing data straight from Galaxy Digitals crypto price index, he lamented that the market had been retouched for a higher level early last year and point out the acceleration which led to a massive rally/bubble, with the addition in which the market is likely to retrace the breakthrough which can subsequently be retraced as well throughout the entire bubble.
The cryptocurrency market made a drastic trade down market, with a major large-cap altcoin which frequently falls all around for the four percent. However, the entire market cap strongly sits at $198 billion which comfortably above the year to date low which set up earlier.
CNN has also reported with some several high profile cryptocurrency analysts which made an attempt in calling the bottom in the past months, but only to notice that bitcoin and its peers dip much further into the red. Cryptocurrency hedge made a fund Pantera capital which vividly stated on April which makes the market found a grand, in which the digital currency group founder known as Barry Silbert lamented back in July that he strongly believes that the bottom was in.
In the month of July, Novogratz also said that he had faith that the cryptocurrency market platform cap has the potentials to reaching up to $800 billion which is roughly a matching that the all-time high will hit up with the next few months. Although he made a prediction in other to forecast on the assumption that the mainstream has been regulated with a custodian which will begin storing up crypto assets for some institutions, in which a report from the insider at the bank such as Goldman Sachs who made a suggestion that this will possibly happen sooner or later.
Majority of the individual had made some prediction that really could take up a little while which may not extend comprehensively across the market. Sonny Singh, the chief commercial officer of crypto payment processor the Bitpay, which said that he faithfully expect that bitcoin to be rebound in 2019 but with some doubting thought the altcoin has the potentials of "never coming back."