Mike Novogratz, the CEO of crypto investment firm Galaxy Digital Capital Management, said that cryptocurrency prices have hit a bottom in a tweet today, September 13.
Novogratz also called attention to that the Bloomberg Galaxy Crypto Index (BGCI), which is intended to measure the execution of the biggest cryptocurrencies traded in U.S. dollars, “retouched the highs of late last year and the point of acceleration that led to the massive rally/bubble.”’
Talking at the Beyond Blocks conference in South Korea in July, Novogratz anticipated that numerous organizations will enter the crypto business in the following a years to come. However, he noticed that the mass adoption of crypto and blockchain innovation will come no sooner than in the next five years, naming the expanding “cost of technical talent” as one of the principle reasons.
Soon thereafter, Galaxy Digital published its first-quarter report for 2018, which indicates $134 million losses with $85.5 million as a hidden loss on digital resources. As of March 31, Galaxy Digital had $281.7 million in resources, of which $225.8 million were digital assets and investments.
Meanwhile, the market has bounced back, with a total market cap having flooded by more than $13 billion today. The best 20 cryptocurrencies by market top are in the green, as indicated by CoinMarketCap, while a few of them are seeing double-digit gains. Ethereum (ETH) has increased more than 15 percent on the day and is presently exchanging at $211. At press time Bitcoin (BTC) is exchanging at around $6,490, up 2.26 percent in the course of the last 24 hours.