Mike Novogratz suggests that the number one cryptocurrency is surging and leaving its peers behind. According to the latest cryptocurrency news, the bitcoin bull shared his opinion on Twitter with the host of the CNBC’s ‘’Crypto Trader.’’
Ran NeuNer, the host of ‘’Crypto Trader’’ posted on Twitter:
“The market is running but we still haven’t seen the crazy alt pumps, pumps where coins do 40% in a day…is it coming?”
This is when Novogratz joined the conversation responding that things are much different now since the last bull run:
“Not this time. Market getting smarter. BTC will outperform.”
The dominance on the market by bitcoin is hovering around 57 percent. Back in 2017, the dominance level was nearly 10 percent lower. Mike Novogratz suggests that the crypto markets have matured since the last Bull Run. Since then, regulators cracked down on ICOs and also the freefall of the altcoin prices happened during the crypto winter which was way harsher for them than it was for Bitcoin. Some of the altcoins at that time even lost all of their value.
In the meantime, the larger investors now have more options considering there are regulated crypto trading platforms and custody platforms such as Fidelity and Bakkt. Also, the tech giant Microsoft is building on the bitcoin blockchain. The bull scenario for bitcoin is here for sure but altcoins still remain the better options for some of the investors as reported in the best cryptocurrency news sites.
Crypto trader ‘’DonAlt’’ posted on twitter saying that he has zero exposure to altcoins. He also noted that the dollar value of the ETH, XRP, LTC, BCH and ADA coins will be significantly higher in six months.
Mike Novogratz’s company explained how the volatility around the bitcoin price will be mitigated by saying:
“Therefore, as bitcoin adoption increases (and bitcoin market cap increases given its fixed, known supply), each incremental adopter will by definition have a decreasing impact on the price of bitcoin, leading to a dampening of volatility in the long run. So, while bitcoin’s volatility is natural and quite expected during its early stage of global adoption, this volatility should not be confused with its expected volatility at mature adoption, whereas its properties make it very much a fundamentally good store of value.”
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Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.
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