The crypto market has been up and down since the weekend, with assets like bitcoin losing more than $500 from its price on April 10.
Bitcoin Is Tumbling Down the Stairs
Last week marked a solid end to what appeared to be a longstanding bearish cycle that was repeatedly striking the world’s primary cryptocurrency by market cap. The currency had initially struggled – and struggled hard – to relieve itself of the measly and miniscule $6,000 range it had been stuck in for several weeks. Finally, after many delays, the currency hit $7,000, and seemed poised to stay there for a while.
However, now it looks like the momentum has taken a turn for the worse. Initially trading for about $7,300 last Friday, bitcoin has since fallen into the high $6,700 range, and it’s bringing the rest of the crypto market down with it. At the time of writing, several powerful altcoins – including Ethereum, Ripple (XRP) and Litecoin – have all tumbled by about five to eight percent each, while major snags have hit assets like bitcoin cash (BCH).
At press time, BCH is trading for a very shallow $222 – about ten percent lower than where it stood just a few days ago. The currency still seems to be enduring drops following last week’s halving event that saw BCH miners earning far fewer rewards than they’ve had in years.
Still, things aren’t all bad for the crypto space. Bitcoin – no surprise – still has legions of fans. A big one comes in the form of Mike Novogratz, a hedge fund manager and the CEO of Galaxy Digital. In a recent statement, he’s advising all his readers and followers to purchase BTC even though it’s down roughly 30 percent from where it stood just two months ago.
Mike Novogratz Wants Your Involvement
He comments that bitcoin has become far more popular than it ever was in regions such as the United States and Europe, and that now is the time to get involved if one hasn’t already before the asset becomes too expensive again. He says:
I’m long gold, I’m long bitcoin. We are seeing a monetization of debt like we have never seen in our lifetimes. To me, in the long run, that must make hard assets look better… This is the time for bitcoin… In the last year, it has become a macro weapon and investment choice. Hedge funds and high net worth individuals who had never bought it before are buying it.
Other assets, such as Chainlink (LINK), are making their digital counterparts look shameful. The currency has added close to 50 percent to its price over the past several days and is gaining thousands in new addresses each day according to firms such as Into the Block. The currency hit an all-time high of nearly $5 on March 4.