Mike Novogratz Says Cryptocurrency Prices have Hit a Bottom

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In a tweet, Galaxy Digital’s CEO Mr. Mike Novogratz stated that digital currency prices have hit bottom. Mike Novogratz pointed out that the Bloomberg Galaxy Crypto Index (BGCI). This index is intended to measure the performance of the largest digital currencies traded in U.S. dollars.

He tweeted:

“Retouched the highs of late last year and the point of acceleration that led to the huge rally/bubble.”

Speaking at the Beyond Block conference in July, Mike Novogratz prophesied that many institutions will join the cryptocurrency industry in next 2 to 3 years. Although, he noted that the mass adoption of digital currency and blockchain tech would happen no earlier than in the next five years. He mentioned the rising cost of technical talent as one of the main reasons.

Soon after that, Galaxy Digital issued its first-quarter report for 2018, which shows $134 million losses with $85.5 million as an unrealized loss on digital assets. Galaxy Digital had $281.7 million in assets as of 31st March, of which $225.8 million were digital assets and investments.

In the meantime, the market has bounced, with total market cap have risen by 13 billion today. As per Coindelite Price Chart, Ethereum (ETH) has gained over 15% and is currently trading $211. At the time of writing Bitcoin (BTC) is trading at $6551, up 2.56% over the last 24 hours.

Bitcoin’s price chart:

Ethereum’s price chart: