Novogratz Calls Another Bottom

Michael Novogratz, a former hedge-fund manager who is heavily invested in digital currencies, called a bottom on cryptocurrencies in a tweet, however, the community does not completely agree – but does hope that the bottom is here.

The BGCI chart that Novogratz references is the Bloomberg Galaxy Crypto index, which measures the performance of the largest digital currencies traded in dollars. Although it is still too early to say whether his prediction is right or not, the market did rise within the past 24 hours: Bitcoin is up around 2% as of the time of writing, Ethereum jumped more than 10%, while the vast majority of other top 50 coins by market capitalization are also in green.

Top 10 coins in the last 24 hours:

Novogratz’s opinion on the current state of the market is not too widely shared, although this could be because the community seems to be losing their naive optimism.

“I think he doesn’t know any more than you do. But I like,” said Reddit user u/Bayminer. “Maybe. Maybe not,” concludes u/DelfinGuy. Even the replies to Novogratz’s original tweet include pessimism: “History doesn’t always repeat itself,” says @fathead___.

Veteran digital currency analyst, Willy Woo, had earlier written about his own insight into the current market situation:

This could go hand in hand with Novogratz’s bottom tweet as the market recovers from last week’s Black Wednesday – but the fact is, nobody can know until it happens.