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Analysis

Mike Novogratz: Crypto Market Cap Will Hit $800 Billion In One Year

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The well-known Bitcoin advocate and founder of Galaxy Digital, Mike Novogratz, recently said that the cryptocurrency market capitalization won’t reach $800 in 2018 – but it will over the course of next year.

As Novogratz stated in an interview with CNBC Africa’s Crypto Trader at the Beyond Blocks Conference In South Korea, the crypto market cap may rise to this number within the next 12 months.

As he stated:

“I think we’ve pretty much bottomed. I’m not positive we’ve bottomed but it feels like we have. …But I do think that we are building a nice bottom for the next move up,”

When asked why he believes in this theory, Novogratz explained that cryptocurrency is being adopted gradually – and more people are attending crypto conferences and joining crypto-related businesses. According to him, many private institutions are also entering the market by investing in crypto companies via venture capital funds.

Novogratz noted that in order to attract more institutional investors, the importance of custody is paramount. In other words, once the investors see names like Goldman Sachs investing, they will be instantly convinced.

Aside from institutional investors, Novogratz also said that he is a fan of utility tokens, describing them as “the cooler projects” when compared to security tokens.

A few months ago, Novogratz was confident that the total market cap may rise to $800 billion by the end of this year. However, with the decline in the crypto market, he changed his prediction – and extended it to 12 months from now.

 

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Analysis

The Market Is Still Dominated By Centralized Exchanges Despite The Increase In DEX

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Altcoin News

Do Crypto Executives Still Have Positive Thoughts After The 80% BTC Drop?

Last year almost all of the cryptocurrencies declined by more than 80 percent against the US dollar with the exception of Bitcoin and a few other crypto assets. In today’s altcoin news we are going to find out how the crypto executives feel about the sentiment on the crypto market this year. Most of the crypto executives and also those who are leaders in blockchain emerging businesses believe that the bear market has influenced the companies with a lot of opportunities to rebuild the foundations of the entire sector. Blockchain projects since 2017 and the decentralized applications brought to the high dependence of the blockchain companies on the performance of the tokens. As we have seen over the past few years, during a bear market the cryptocurrencies with the strongest fundamentals are most likely to survive. Digital assets such as Ripple, Litecoin, and Ethereum have dropped by 90 percent from their all-time high in the past 12 months. Meanwhile, Bitcoin dropped by 82 percent over the year but still remains as one of the top crypto assets to increase and go through a correction phase. The hash rate of the BTC network also increased since January 2018. Investors always are always considering the tendency of cryptocurrencies falling by large margins during a correction and therefore acquire blockchain projects that will help them build long-term blockchain related protocols and solutions for a lower price. Over the past 14 months, blockchain projects dropped immensely but this is a new opportunity for investors to start building infrastructure for their companies at a lower price. However, with the drop in blockchain protocols, developers and workers have been let go despite that being a blockchain developer increased by $180,000 with the growing interest in blockchain technology.
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Analysis

ICOs Raised $160 Million In The First Half Of This Month (January) Alone

We have talked about ICOs on many occasions on our DC Forecasts crypto news site, and even reported their growth while comparing them to cryptocurrencies like Bitcoin as well as other altcoin projects. In today's news, we are again reporting the increase of ICOs which has set a new record. According to the ICO rating service ICObench, the initial coin offerings (ICOs) completed in the first half of January have raised around $160 million in total, raising about 33% more than the total December count. However, half of the sum was secured by just one project, the report notes. The number of fundraisers was still more than 150, a figure that is similar to the past seven months excluding December. The combined hard cap of cryptocurrencies in January showed that the maximum amount of money that a project can secure from investors during an ICO is more than $4 billion. As the report showed, three fundraisers out of the five largest this month have reached or almost reached their hard caps. When it comes to locations and amounts of funds raised, Canada has been leading in the first half of January with a combined total of $80 million. However, when it comes to the actual number of projects, the Netherlands is ranked first. Do you have an upcoming ICO project and want to advertise it on DC Forecasts? Visit this page to get started!
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