On Thursday (13 September 2018), Michael Novogratz, the founder of crypto-focused merchant bank Galaxy Digital LP, called a bottom in the crypto market.
This is the tweet he sent out at 17:19 UTC on 13 September 2018:
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) September 13, 2018
The chart seen in the tweet is the one-year chart for the Bloomberg Crypto Index (BGCI), an index launched on 9 May 2018 as a result of a partnership between Bloomberg LP and Galaxy Digital Capital Management LP that is “designed to track the performance of the largest, most liquid portion of the cryptocurrency market.” The BGCI “is market capitalization-weighted and measures the performance of ten USD-traded cryptocurrencies, including Bitcoin, Ethereum, Monero, Ripple, and Zcash.”
Crypto analytics firm BittsAnalytics agreed with Novogratz based on Bitcoin sentiment analysis:
also strong bullish action in real-time social media sentiment of bitcoin (determined with machine learning from social media posts). pic.twitter.com/p5QXvUkEYh
— Bittsanalytics (@bittsanalytics) September 13, 2018
Today has been a great day for the bulls, with all top 50 cryptocurrencies currently in the green.
According to data from CryptoCompare, at the time of writing (21:40 UTC on 13 September 2018), Bitcoin (BTC), Ether (ETH), XRP, Bitcoin Cash (BCH), and EOS are up 2.43%, 12.87%, 4.44%, 9.94$, and 10.20% respectively (in the past 24-hour period).
BItcoin is currently trading at $6,461; this is BTC’s one-day chart:
Featured Image Courtesy of Bloomberg