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Bitcoin’s [BTC] value rises with emergence of new altcoins, claims Galaxy Digital’s Mike Novogratz

Biraajmaan Tamuly

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Bitcoin's [BTC] value rises with emergence of new altcoins, claims Galaxy Digital's Mike Novogratz
Source: Pixabay

In a recent interview with CNBC Television, Mike Novogratz, notable Bitcoin [BTC] influencer, listed out how the situation for Bitcoin [BTC] had changed over the last two years and how the introduction of new altcoins affected its valuation.

On the show, Novogratz was asked whether new emerging coins posed any threat to Bitcoin [BTC] in terms of valuation and popularity. Novogratz explained that back in 2017, every virtual asset in existence proclaimed to be the next big virtual currency. In response, an enormous supply was created collectively. The limited 21 million BTC did not matter since there were so many other options. This eventually led to the collapse in price as many altcoin projects flustered.

In the current situation, the validity of different coins had more clarity and Bitcoin [BTC] prevailed as the popular store of value. He emphasized that in this particular space, nobody else stood a chance as Bitcoin [BTC] was in itself, a complete project. It did not need to relatively improve more than other coins since it had already established its superiority.

He added that new institution-backed crypto assets (e.g., JP Morgan coin) currently entering the market actually helped the value of Bitcoin [BTC] for “there was no competition in their lane.”



Additionally, Novogratz added that people should be investing only 2-3 percent of their net worth in Bitcoin. He said,

“You should only invest the amount of money that you can afford in Bitcoin.”

Mike Novogratz also believes that it is incredible how quickly Bitcoin evolved in the last 10 and half years, as people had created something that was worth more than $140 billion in market value, at press time.





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Biraajmaan is an engineering graduate who is exploring the ever-changing crypto verse while traversing his passion for cryptocurrency news writing. He is a Chelsea fan and a part-time poet and does not hold any value in cryptocurrencies yet.

Bitcoin

Bitcoin surges by ~7% in under an hour; Has the rally finished correcting?

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Bitcoin surges by ~7% in under an hour; Has the rally finished correcting?
Source: Unsplash

Bitcoin’s price rally in a parabolic curve led most of the community to believe that this was the bull rally, however, the correction of this surge was due, which began on May 16.

The correction wave, as expected by many prominent traders was approximately 30-40%, which would put the price of Bitcoin $5,000 to $5,800. However, the correction seems to have finished as the price of Bitcoin surged by more than 7% in less than an hour.

Source: TradingView

The market cap of Bitcoin, at press time, was $136 billion and most the volume for Bitcoin was coming from BitMEX exchange via trading BTC/USD derivatives. BitMEX contributed a total of $3.38 billion in terms of trading volume, which is 12% of the total trading volume.



A Twitter user @DoveyWan suggested a head and shoulder pattern for Bitcoin:

CNBC suggested something similar, however, the pattern doesn’t seem to be holding. A Twitter user @thecryptomonk, tweeted:





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