Since the beginning of 2018, the cryptocurrency market has been constantly declining with most altcoin prices going down 80% or even more from their all-time highs. Bitcoin wasn’t spared as its price declined by 68% compared to its peak from last year’s December.
While nothing is certain, Galaxy Digital CEO Mike Novogratz seems optimistic as he thinks the current bear market might be coming to an end. Novogratz caused a lot of turmoil with a Tweet in which he was calling a bottom on Wednesday when a broad sell-off made the cryptocurrency market cap take a dive to $186 billion, a new low for 2018.
This is the BGCI chart…I think we put in a low yesterday. retouched the highs of late last year and the point of acceleration that led to the massive rally/bubble… markets like to retrace to the breakout..we retraced the whole of the bubble. #callingabottom pic.twitter.com/EasTBYgjSj
— Michael Novogratz (@novogratz) September 13, 2018
Using Galaxy Digital’s crypto price index he concluded the market had “retouched the highs of late last year and the point of acceleration that led to the massive rally/bubble,”.
Since then, it looks like his prediction has remained accurate as today the overall market cap is around $198 billion, significantly higher than the yearly low it just went through.
Novogratz made another daring prediction earlier in July when he said within a year the cryptocurrency market cap will reach $800 billion, around the all-time high from last January. His forecast was based on the supposition that mainstream regulated custodians will start to stock cryptoassets for companies.
While not everyone agrees, there’s an increasing number of industry experts who believe the bear market will likely come to an end in the near future.
I still disagree with this. I will say "crypto will absolutely grow 1000x and more!" Just reaching USD market cap will give it close to 1000x, (that's just one currency with severely restricted use case), and the derivatives market is so much bigger. https://t.co/bvSttEeCmc
— CZ Binance (@cz_binance) September 12, 2018
A few days ago, Binance CEO Changpeng Zhao countered Ethereum’s cofounder Vitalik Buterin who stated the blockchain industry had no room left for 1000x price increases. Changpeng claims the opposite as he feels confident “crypto will absolutely grow 1000x and more!”