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Wednesday, February 15, 2023
HomeBitcoinBitcoin (BTC) Bull Mike Novogratz on Altcoins Carnage: "Picking Bottoms is Dangerous"

Bitcoin (BTC) Bull Mike Novogratz on Altcoins Carnage: “Picking Bottoms is Dangerous”


Vladislav Sopov

While cryptocurrency group members are guessing whether or not the underside is already in for main belongings, Mr. Novogratz recommends being cautious


  • Best occasions for “bottoms” are but to come back
  • Crypto markets are nonetheless dominated by excessive concern

Renowned cryptocurrency investor and entrepreneur Michael Novogratz shared his concrens concerning the present altcoin market state of affairs. 

Best occasions for “bottoms” are but to come back

Mr. Novogratz recalled the unhappy occasions of 2018’s Crypto Winter when the costs of main altcoins misplaced 95% in comparison with the very best ranges of December 2017.

Alts are down over 80 p.c from the highs. In 2017 it was over 95 p.c.

That is down one other 70 p.c.

My level is selecting bottoms is harmful and for those who do scale in slowly.

— Mike Novogratz (@novogratz) May 20, 2022

According to him, by May 20, 2022, largely, altcoins solely collapsed 80%. As such, there’s nice potential draw back for them, Mr. Novogratz supposes.

That is why he’s certain that crypto merchants shouldn’t be searching for native bottoms on this part of the market cycle. At least, this technique is not going to be worthwhile within the short-term perspective.


As coated by U.Today beforehand, Mr. Novogratz was among the many most passionate proponents of the Terra (LUNA) ecosystem.

As it collapsed, he referred to as its stablecoin, TerraUSD (UST), the “big idea that failed.”

Crypto markets are nonetheless dominated by excessive concern

Bitcoin (BTC) and main altcoins try to get well from the unwitnessed carnage of mid-May. On May 11-12, 2022, cryptocurrency market capitalization touched $1.17 trillion: it has not been so low since early February 2022.

The Crypto Fear and Greed index by Alternative.me dipped to a 30-month low at 8/100: this is the same as the degrees crypto markets have been at earlier than the “Xi Spike” of Q3, 2019.

By press time, the market nonetheless can not get well from the “Extreme Fear” zone: the index sits at 11/100.

Bitcoin (BTC), the most important cryptocurrency, but once more failed to remain above the $30,000 stage: it’s altering palms at $29,960 on main spot platforms.


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