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The serial investor and the Bitcoin bull Mike Novogratz have perfectly defined the "fund" of the cryptocurrency, the data reveal how the markets date back to September 14th.
Novogratz: September 12 & # 39; Low & # 39;
As Bitcoinist Thursday, cryptocurrency market indices have reached 80% compared to the historical highs of this week, overcoming for the first time the implosion of the dotcom boom of the early 2000s.
At the time, Novogratz observed the Bloomberg Galaxy Crypto Index, taking note of the current levels that mirrored those in which the rise to the all-time highs seen in December began in 2017.
" I think we put a limit yesterday, "he commented on Twitter.
[The BGCI] has revised the highs of the end of last year and the point of acceleration that led to the great event / bubble … markets like going back to the break. [We] has retraced the entire bubble.
This is the BGCI chart … I think yesterday we put a limit. retouched the highs of the end of last year and the point of acceleration that led to the great rally / bubble … the markets love to go over the breakout … we have retraced the whole bubble. #callingabottom pic.twitter.com/EasTBYgjSj
– Michael Novogratz (@novogratz) 13 September 2018
Novogratz made the forecast of the lower price one week after the news of his Galaxy Digital investment bank providing $ 16 million in funding to the Canadian mining company Hut 8, which now claims to be the world's largest publicly traded mining operator.
Binance CEO denies Buterin's prediction
Among conflicting signals on how cryptocurrency will grow in the short term, industry figures are increasingly disagreeing on the 2018 bear market that ends.
On Twitter comments On September 11th, Binance CEO Changpeng Zhao declared his opposition to the comments of the co-founder of Ethereum Vitalik Buterin, who had stated that Blockchain industry no longer had room for the kind of growth of one thousand percent last year.
"I still do not agree with this, I will say that" Crypto will become absolutely 1000x and more! ", He argued.
Only reaching the USD market threshold brings it closer to 1000x, (this is only a currency with severely limited use cases) and the derivatives market is much larger.
Buterin had since clarified his own statements, keeping growth still possible, but not at the rate seen above
"In addition, traditional market sizes can not be used to measure the potential of new technologies or industries," continued Zhao.
If you have used (and people have) the size of the taxi market for estimate the potential of Uber, you would be a bit out of your mind.
What do you think of the analysis of Mike Novogratz? Let us know in the comments below!
Images courtesy of Shutterstock, Twitter
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