Mike Novogratz, founder and CEO of crypto Galaxy Digital Capital Management, says that virtual currency prices have now reached their lowest point. In a tweet, in fact, Novogratz explains that the market has hit the bottom, but that there will be a retracement, a crypto market recovery.
This is the BGCI chart…I think we put in a low yesterday. retouched the highs of late last year and the point of acceleration that led to the massive rally/bubble… markets like to retrace to the breakout..we retraced the whole of the bubble. #callingabottom pic.twitter.com/EasTBYgjSj
— Michael Novogratz (@novogratz) September 13, 2018
The crypto market recovery is already in sight
The deduction, at this point, is that the only way forward is upward. A first confirmation could be found already in the total capitalization, which in the last hours increased by more than 13 billion dollars. In addition, the trend of the first 20 cryptocurrencies (per capitalization) seems to be that of a recovery.
Novogratz, during the recent Beyond Blocks conference held in South Korea, explained that this recovery could be favoured by the mass adoption of cryptocurrencies even by the institutions, although the timing is still to be evaluated.
The possible entry of institutions into the scene could come within a couple of years, the technical costs to implement and expand the uses of the blockchain could curb the enthusiasm and extend the time up to 5 or 6 years.
A look to the future
The real turning point, however, will be with the emergence of transparency in the industry and a system of rules that allows all investors to move with confidence.
Novogratz had already noticed that in recent times the perception of the crypto world was changing: caution was being replaced by a strong knowledge of the sector and an increasing enthusiasm on the part of managers, especially the younger ones.
For this reason, in May of this year, he declared that not investing in the crypto world, even with minimal amounts, would be irresponsible.
The reason was not so much the gain, subject to inevitable volatility, as the enormous potential that Bitcoin & Co, including blockchain technology, will offer in the future. And in that case, it’s better to be present.
