Mike Novogratz: Altcoins won't pump "40% in a day" during this bull run

19 May, 2019
by Richard Allen
Bitcoin
Mike Novogratz: Altcoins won't pump 40% in a day during this bull run

Mike Novogratz, head of Galaxy Digital has said we won’t be seeing any altcoins pumping 40% in a day during this bull run as Bitcoin will outperform every altcoin.

Host of CNBC’s Crypto trader, Ran NeuNer asked Twitter if we’ll be seeing any crazy altcoins pumps. Novogratz responded, saying “Not this time. Market getting smaller. BTC will outperform.”

At the time of writing, Bitcoin’s dominance is sitting at 56.7%. As CCN notes, almost a year ago, that figure was closer 47%. As Novogratz states, the most likely reason for the rise in BTC’s dominance is the maturity of the market, plus regulators have been clamping down on ICOs.

Moreover, the upcoming additions of Fidelity and Bakkt will provide institutional investors with more options than ever for Bitcoin trading. This is in addition to Microsoft building on the Bitcoin blockchain. All providing further evidence to Novogratz’s theory.

Veteran trader Peter Brandt told Ran NeuNer at Blockchain Week that the more things change in the crypto sphere, the more they stay the same:

“[Bitcoin is] going to make dumb money chase it. No matter what, it’s going to make dumb money chase it…Smart money will buy significant corrections in this market of $500 to $1,000 and dumb money will chase it.”

BTC/USD chart provided by Tradingview

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