Cryptocurrency industry veteran Mike Novogratz weighed in on the current downtrend in the market, noting among other things, the incomprehensible basis of some of the altcoins that have been pumped out in recent days. Novogratz, founder and CEO of Galaxy Digital, a crypto asset management company, specifically pointed to the bullish performances of Bitcoin Satoshi Vision (BSV), XRP (XRP) and Dogecoin (DOGE) as proof that “the market has too much. a path.”
According to him, the direct listing of the cryptocurrency exchange Coinbase on the Nasdaq stock exchange has made the “markets too excited.” The enthusiasm was reflected in the surge of several cryptocurrencies, including Bitcoin (BTC) and Ethereum (ETH), as many investors, including those in the mainstream markets, have swarmed stocks of the company, hoping to gain indirect exposure to the cryptocurrency industries.
In hindsight, it was inevitable. The markets got too excited $ Piece direct registration. Base that blows, pieces like $ BSV, $ XRP and $ DOGE pumping. All were signs that the market was going too far. We will be fine in the medium term as institutions coming into space.
– Mike Novogratz (@novogratz) April 18, 2021
In terms of price movements, BSV hit a record high (ATH) of $ 491.64 on April 16, XRP soared to its highest level of $ 1.96 in 52 weeks, defying its indictment in the pending lawsuit Ripple-SEC and Dogecoin. outran most altcoins to hit an ATH of $ 0.4377. Unusually, Dogecoin has been able to maintain its meteoric rise in the top 6 cryptos by market cap, making this current price action different from the previous pump and dump patterns it has been embroiled in.
Short-term and medium-term recommendations from Mike Novogratz
There is no doubt that with every drop in the market comes traders or investors always in the crosshairs. Many will adhere to the top and when prices fall they tend to rack up large losses.
Building on that, Mike Novogratz Noted that market damage does not heal overnight and recommends building a short-term trading base to cushion potential price losses whenever market excitement mounts. In the medium term, Novogratz believes that the influx of institutional investors into the cryptocurrency ecosystem will help rebalance the entire system.
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