Mike Novogratz, former Wall Street guru who became a crypto fund manager, recently shared his thoughts on the prospects of the crypto market via Twitter. The message was accompanied by a picture (see below) detailing Bloomberg's "Galaxy Crypto Index," BGCI for short, and his performance last year.
Mike Novogratz, CEO of Galaxy Digital Capital Management, together with Bloomberg, created a USD-based index in May tracking the performance of crypto assets such as Bitcoin, Ethereum, Monero, XRP, Litecoin, and ZCash. He explained the picture posted on Twitter as saying, "This is the BGCI diagram," and he also stated that cryptocurrencies "reached a low yesterday."
He pointed out that the market has now reached the level before the bull run in 2017. And that's a good sign, because as soon as the previous ground has been reached after a rally, the story - in the crypto-currency market and in the stock market - is repeated, says Novogratz. For him, it is clear that the bear will run out of juice soon and the cops will soon be involved again.
However, it should be noted at this point that the history is not a guarantee for the future and is not always repeated, although this was often the case with cryptocurrencies.