20.4 C
New York

Wall Street Investor: The Altcoin Squeeze Might Be Over, Eyes on Bitcoin


Wall Street Investor: The Altcoin Squeeze Might Be Over, Eyes on Bitcoin Blockchain, Featured, Home CoinGenius Hosts Virtual Crypto Event The Road To Mass Adoption

Altcoins have strongly outpaced Bitcoin over the past few days. This is a large shift compared to what took place just weeks ago where it was BTC that was leading the market and altcoins that were down in the dumps.

But here we are, with altcoins up dozens of percent today as Bitcoin only posts a slight profit of 5%. Mike Novogratz, a Wall Street investor and the chief executive of Galaxy Digital, recently commented on the rally.

Related Reading: Here’s Why Ethereum’s DeFi Market May Be Near A Bottom

Mike Novogratz Talks

“I’ve been up since 2am trading crypto. Haven’t touched $BTC. Im HODLing there. Can’t tell if the alt squeeze is over but feels like it might be. I like Defi more than ghost chains. A lot more. The top 10 market cap coins will look 50percent different in 18 months.”

Related Reading: Tyler Winklevoss: A “Tsunami” of Capital Is Coming For Bitcoin

What’s Next for Bitcoin?

Novogratz remains extremely bullish on Bitcoin despite his belief that the

“I bought more $BTC last night at 15800. It’s going to 20k and the. To 65 k. The network effect has taken over. I see tons of new buyers and there is very little supply. It’s an easier trade here that at 11k. So YES, buy it.”

Novogratz is a believer that the cryptocurrency will begin to eat up gold’s market share as a store of value in this market cycle.

The investor adopted BItcoin extremely early. He purchased tens of thousands of coins when it was around $100, though sold some during the bull markets that followed. He still owns a good portion of his net worth in the cryptocurrency space, he has commented many times.

Related Reading: 3 Bitcoin On-Chain Trends Show a Macro Bull Market Is Brewing
Featured Image from Shutterstock
Price tags: xbtusd, btcusd, btcusdt
Charts from TradingView.com
Wall Street Investor: The Altcoin Squeeze Might Be Over, Eyes on Bitcoin

Source: https://www.newsbtc.com/analysis/btc/wall-street-investor-the-altcoin-squeeze-might-be-over-eyes-on-bitcoin/

Related articles


Recent articles