Galaxy Digital CEO and billionaire, Michael Novogratz says cryptocurrency prices have bottomed.
That’s music to the ears of traders that watched as Bitcoin and Ethereum crashed to earth.
“I think we put in a low yesterday,” Novogratz said, as quoted by CNBC
He also noted the Bloomberg Galaxy Crypto index, which measures the performance of the largest digital currencies traded in dollars, “retouched the highs of late last year and the point of acceleration that led to the massive rally/bubble.”
His analysis suggests another rally could be on the way.
He’s Not the Only Bull
Binance CEO Changpeng Zhao believes cryptocurrency still has plenty of room to grow by more than 1,000%. “Crypto will absolutely grow 1000x and more!’ Just reaching USD market cap will give it close to 1000x, (that’s just one currency with severely restricted use case), and the derivatives market is so much bigger,” he noted on Twitter.
Tom Lee of Fundstrat had famously prophecized that BTC “could end the year explosively higher.” In fact, he says Bitcoin could rally as high as $25,000.
Co-founder of Reddit, Alexis Ohanian also emphasized that the top cryptos will soon be trading at $20,000 and $1,500, respectively.
Julian Hosp of TenX said he’s “quite confident” Bitcoin will hit $60,000 in 2018.
Other Reasons to be Bullish
Banks such as Citigroup, Goldman Sachs and Citigroup are working to offer cryptocurrency products. The NASDAQ is about to hand institutional investors analytical tools for trading hundreds of crypto assets.
And the Intercontinental Exchange (ICE) intends to form a new platform, called Bakkt. Its intention is to create an “open and regulated, global ecosystem for digital assets.”
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