For the past consecutive months, the digital currency market has seen fixed declines, which forces most ATC prices down eighty percent or more from their record high. Even the most popular digital currency Bitcoin has shed sixty-eight percent, from its previous peak. On the other hand, the wind is about to change, and this is according to Mike Novogratz, a billionaire and the founder of Galaxy Digital.
On a Tweeter, Mike, an ex-principal at Fortress Investment Group, stated that he thinks the digital currency market put in low on Wednesday, when a widespread sell-off pushed the digital currency market cap down to approximately USD186 bln, making a new low this year.
Citing facts and figures from Galaxy Digital crypto price index, Mike stated that the cryptocurrency market had touched up the highs of late in previous year, and the point of increasing rate which resulted in the massive rally, “adding that market like to go back over the breakout, and they retraced the entirety of the bubble.
Last Friday, the digital currency market traded down, most especially altcoins that fall around 4%. On the other hand, the whole market capitalization reaches up to USD198 billion, comfortably on top of the year-to-date low.
According to the report of CNN, many other high-profile digital currency forecasters have tried to call the bottom in latest months, just to see BTC and other renowned digital currencies dip more into the red. According to Pantera Capital, digital currency hedge finance, the digital currency market had found a base, while Barry Silbert, founder of Digital Currency Group stated that he thought the floor was in.
During his interview in July, Novogratz also stated that he believes the digital currency market capitalization reach USD800 bln- almost matching the record high it hit a few months ago in one year. Novogratz predicted this conjecture on the theory that the majority of regulated custodians will start storing digital currencies for organizations. Renowned banking institutions Goldman Sachs suggest that this will occur sooner.
Other analysts, though expect that the convention can take a while and might not broaden comprehensively in the market. Days ago, like for example, a chief commercial officer of the renowned crypto payment process, Sonny Singh stated that he looks forward BTC to rebound next year. On the other hand, he believes that a lot of ATC or Altcoins will never bounce back from their losses.