Michael Novogratz: Bitcoin Is Getting Smarter, Will Outperform Altcoins Who Won’t Pump This Time
Michale Novogratz, the CEO of Galaxy Digital and hedge fund manager, believes that altcoins will not be outperforming Bitcoin (BTC). On Twitter, he shared his point of view when Ran NeuNer commented about altcoins pumping 40% in just a day.
Michael Novogratz Believes Bitcoin Will Outperform Alts
The recognized investor seems to be bullish about Bitcoin rather than about altcoins and smaller digital assets. He said that the market is getting smarter and that Bitcoin is going to outperform other digital assets.
During this year, Bitcoin price has already surpassed 100% growth and the bull trend could continue in the near future. In general, altcoin shave relied on the price trend of Bitcoin and have demonstrated just independent price movements a few times. In general, users and investors could take high-risk and high-return options over the dominant virtual currency.
Currently, there are several financial institutions such as Fidelity and TD Ameritrade that are currently building infrastructure for investors to enter the crypto market. The Intercontinental Exchange (ICE) is the parent company of both Bakkt and the New York Stock Exchange (NYSE). Bakkt wants to offer physically backed Bitcoin futures for investors.
Meanwhile, TD Ameritrade wants to offer virtual currency trading services to investors. The firm has tens of thousands of clients and, to some extent, they are already taking some digital assets.
In the future, if the rally in Bitcoin continues, investors could eventually move to other digital assets in order to get larger returns.
Not this time. Market getting smarter. $btc will outperform.
— Michael Novogratz (@novogratz) May 19, 2019
Meanwhile, Satoshi Flipper, the co-host of the “CryptoMoonSoon,” said that Bitcoin will be experiencing rapid advances during this year. At the same time, it will be affected by healthy corrections and periods of sideways price action.
At the time of writing, just 12 virtual currencies among the top 100 market have registered price increases in the last 24 hours. Currently, Bitcoin is being traded under $7,800 and it has a market capitalization of $137.8 billion.