The Cryptocurrency market indices outperformed the boom burst at the beginning of the first 2000’s for the first time. This week, at 80 percent higher than the all the time.
At that time, M. Novogratz, was indicating Bloomberg revealed the Galaxy Crypto Index chart. And current levels reflect the beginning of all-time highs seen in December 2017.
“I think we put it on a low-level yesterday,” he commented on Twitter.
“[BGCI] has retouched towards the end of the past year, and the momentum markets that led to massive rallying/bubbling were pulled back. We got the bubble back.”
Novogratz made a lower estimate of prices a week after analyzing news from the Galaxy Digital investment bank that funded 16 million dollars in Canadian mining company Hut 8, which claims to be America’s largest publicly traded mining company yesterday.
BINANCE CEO COUNTERS BUTERIN FORESIGHT:
In the middle of mixed signals about how the cryptocurrency will grow in the short run, industry figures are getting stronger with the end of the 2018 market.
In a statement on September 11th on Twitter, Binance CEO Changpeng Zhao said that the blockchain industry is against Vitalik Buterin’s comments from the founders of Ethereum, who claimed that there was no room for growth of one-thousandth percentile, which witnessed last year.
“I still disagree with this. I will say ‘crypto will absolutely grow 1000x and more!”
“The only USD to reach the market cap will be close to 1000x (this is a currency with only a serious constraint) and the derivative market is much larger.”
Buterin has been clarifying his expressions since then, it is still possible to continue to grow, but not at unprecedented proportions.
“You can not use the traditional market size to measure the potential for new technologies or industries.”
“If you used the size of the taxi market (and people have it) to estimate Uber’s potential, you’ll be a bit off.”