Volume Of Crypto Market Capitalization Hits Bottom — Mike Novogratz
On September 13, Mike Novogratz, the founder and executive director of Galaxy Digital Capital Management, reported in his Twitter account that the volume of the crypto market cap has reached its lowest level in 2018.
Novogratz referred to the Bloomberg Galaxy Crypto Index (BGCI) diagram, which was created jointly with Bloomberg in order to monitor the value of the most popular digital assets which are traded in US dollars. Generally, the market tends to return to breakout, but currently it has reached the bottom, Novogratz stated.
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) 13 сентября 2018 г.
The businessman just acknowledged the fact and did not elaborate. Exactly one year ago the market volume was lower than the current one, but then the sharp rise began and the figures reached their maximum.
In July, Mike Novogratz expressed the opinion that the digital asset market will be estimated at $800 billion in 12 months. Speaking at the Beyond Blocks conference in South Korea, the businessman claimed that many companies will join the crypto industry in the next few years.
According to the analytical portal CoinMarketCap at 14:22 (UTC), September 14, the total crypto market cap is $198.4 billion. Over the past two days, the growth was 6.1%, but on Friday, September 14, the market volume has undergone some correction. Almost all the most liquid cryptocurrencies are in the "green zone", except for Stellar.
Earlier, Jesse Powell, CEO of the Kraken crypto exchange, stated that the total capitalization of cryptocurrencies will reach $1 trillion in the near future.