Over the past two days, the cryptocurrency news are quite positive – and the market has added a couple of billions in its total cap. On top of that, Ethereum saw a 25% growth and proved that the all-time 2018 low is behind it, followed by Bitcoin which is now closer to the $6,500 market cap.
Mike Novogratz, who is one of the Bitcoin bulls and a former Wall Street guru-turned-crypto manager, recently activated his Twitter profile to issue one important message regarding his throughs on the recent movements on the market.
Novogratz pointed to the USD-based index that he founded along with Bloomberg – as a tool that would track the performance of the crypto assets. Citing the index, Novogratz wrote the following.
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
The Galaxy Digital CEO with this is calling back to the performance of the BGCI in mid-2017 and points out that the market has now retraced to pre-bull run levels. With this, he signals that a new growth may be on the horizon.
Novogratz’s post gained traction in the cryptosphere – and hundreds of investors commented on his analysis – creating a melting pot of conflicting ideas, opinions and sentiments.
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