The crypto-heavyweight Mike Novogratz offers new insights into his strategy for investing in crypto-currencies.
The former Hedge-Fund Manager and CEO of the crypto-investment company Galaxy Digital, Mike Novogratz said in the TV Show Crypto Trader from CNBC, that he believes that Bitcoin has consolidated its primary application area is as a store of value already. He also believes that the market will in the short term, to consolidate, before it rises higher.
I had hoped that we would keep of 8,800 dollars. Moderate chart I thought that $ 8,000 would be in the consolidation zone. Now that we have broken it, it opens a little lower in consolidation. However, I still think that we are going back in the medium term, higher. […] What are we waiting for, is the Adoption. And we see opportunities that make it easier and easier to buy Bitcoin.
According to Novogratz, will establish Ethereum most likely as the primary infrastructure for the Ecosystem, so that the Blockchain developers can develop robust applications. On XRP and the Altcoin market as a Whole is addressed, said Novogratz, traders should look for Coins with strong use cases, the messages, and to have a dynamic seem.
You have to see everything as risk bets. Venture bets last from six to ten years. Why Ethereum retains its value is because it is with the greatest probability of the Blockchain is that everything is built up, and the one is built, it will be appreciated, because they will be used and a certain value. There will also be money. I like a Portfolio with a large share. You need also a bit of Ethereum.
And then you have to risk a lot. The remainder of this Token is opportunistic. If there is news that drive you, we go long. If we see an Overvaluation, and the news is out, we will shorten.
In the long term, Novogratz believes that any crypto-Asset requires a per-user basis, in order to achieve a Return on Investment.
There are a lot of really good logs coming out. Dfinity, Algoric came out, Hashgraph came out. These are big, big Market capitalisations, for which there is no application. You need people. You need customers, developers, programmers, engineers, in order to obtain the GDP in your Ecosystem. No GDP, no price.
Bitcoin dominance is reduced because the Altcoins will rise
Bitcoin and the Altcoins have learn since yesterday is a remarkable upward momentum, which is particularly clear when you look at the price action of most major Altcoins, as Ethereum, Binance Coin and Litecoin, and other higher growth was recorded. The gains in most of the major Altcoins, since the dominance of Bitcoin begins to show clear signs of a weakening, which could mean that the Altcoins are currently at the beginning of a market-wide rally.
At the time of writing, Bitcoin has gained almost 3% over the last 24 hours and trades at a current price of about 8.280 USD. The gains of Ethereum, Binance Coin and Litecoin (+4%) are somewhat higher. As a result, the dominance of Bitcoin has fallen to around 67%, which represents a significant decline compared to the Month high of over 70%. It seems that the resources currently allocated by the Bitcoin in the direction of most of the major Altcoins, what makes it a zero-sum game, because of the lack of fresh capital in the crypto market.
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