No Altcoin Pumps During The Ongoing Bull Run, Says Mike Novogratz
Mike Novogratz, the billionaire CEO of Galaxy Capital and a former hedge fund manager at Fortress Investment Group, believes Bitcoin Beats Other Cryptos in ‘Smarter’ Bull Market. Novogratz said he believes that alternative cryptocurrencies or altcoins, will be outperformed by bitcoin in the bull market. He continued this time the market may not see altcoins experience 40% pump in a day.
The market is running but we still haven’t seen the crazy alt pumps, pumps where coins do 40% in a day…is it coming?
It was Ran NeuNer who initiated the discussion on Twitter. Ran NeuNer who hosts the show ‘’Crypto Trader’’ on CNBC tweeted how crypto market is yet to experience the altcoin pump referring to the 40% pump altcoin saw in a single day in 2017. He tweeted saying he wondered if this year would witness the same trend.
Not this time. Market getting smarter. $btc will outperform.
Mike Novogratz came forward to respond to NeuNers question and discussion on Twitter and firmly said that altcoins will not be performing this well in the current bull market. He continued saying the market of digital currency as become smarter than before and this time, it would be BTC that will outperform the rest of the cryptos.
In the past, altcoins have relied on the price trend of bitcoin and have rarely demonstrated independent price movements in extended time frames. At present, Bitcoin is dominating the marketing with about 56.7% figures. As the market matures and the investors in the market become ‘’smarter’’, as Novogratz indicated, the appetite for altcoins could decline.