Billionaire and Galaxy Digital founder Michael Novogratz stated he believes the bottom of the cryptocurrency market has been reached after the market capitalization hit $186 billion on Wednesday, the lowest point of 2018.
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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) September 13, 2018
On September 14, the cryptocurrency market cap surpassed $200 billion, with many altcoins rising close to ten percent this week, including the second largest cryptocurrency Ethereum (ETH +9.91%), EOS (+11.88%), and Monero (XMR +11.70%).
In July, Novogratz made a prediction that the market cap will surpass $800 billion within 12 months, as more mainstream institutional investors begin to participate in the sector.
Earlier this week, BitPay’s Chief Commercial Officer Sonny Singh predicted bitcoin (BTC) to rebound in 2019 but believes most altcoins are “never coming back.”
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