Galaxy Digital CEO Mike Novogratz: Bitcoin is Up 95% YTD Despite the Recent Crypto Market Plunge
The ongoing crypto market bear run seems to be slowly changing direction after the BTC price surged by 6% in the past 24 hours as per coinmarketcap stats. A number of analysts including financial market veteran Mike Novogratz have weighed in on the BTC price prospects. The Galaxy Digital CEO and billionaire was quick to highlight that BTC’s price performance has been spectacular based on ROI despite the prevailing $7,200 market price.
The May 2020 Bitcoin halving is expected to activate the market bulls although critics have questioned this possibility. Since the market plunge, a good percentage crypto HODLers have liquidated their positions leaving the total market cap below the $200 billion mark. Novogratz analyzed this scenario compared to past events noting that BTC is still a fundamental asset given its total ROI since inception is way higher compared to that of Gold over the same period.
In a recent tweet, Michael Novogratz however highlighted why an uptrend back to $7,500 is also important;
Novogratz had in the past predicted a BTC price range of $7,000 to $10,000; this was proven given Bitcoin’s market prices revolved around this for last couple months. Like most crypto enthusiasts, Novogratz preferred the above $10,000 level although the drop does not signify a loss in the fundamental value of BTC.
According to QuantumEconomics.io founder, Mati Greenspan, the cryptorush over the weekend saw a drop by over 10% in most crypto coins. China’s anti-bitcoin nature seems to also have been a fear factor which pushed most of its citizens out of the digital currency space. However, other factors such as demand-supply inefficiencies caused by miners releasing Bitcoins have caused a price to rebalance as per Greenspan’s theory.