BSV, XRP, DOGE, Price Run “Were Signs that the Market Got Too One Way” Says Mike Novogratz

By Godfrey Benjamin
Published April 18, 2021 Updated April 18, 2021
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BSV, XRP, DOGE, Price Run “Were Signs that the Market Got Too One Way” Says Mike Novogratz

By Godfrey Benjamin
Published April 18, 2021 Updated April 18, 2021

Cryptocurrency industry veteran, Mike Novogratz has weighed in on the ongoing bearish market trend, noting amongst many things, the incomprehensible basis for some of the altcoins that were pumped in the past days. Novogratz, the founder and Chief Executive Officer of Galaxy Digital, a crypto asset management firm, specifically highlighted the bullish performance of Bitcoin Satoshi Vision (BSV), XRP (XRP), and Dogecoin (DOGE) as evidence that “the market got too one way.”

In his views, the direct listing of Coinbase cryptocurrency exchange on the Nasdaq bourse made the “markets got too excited.” The excitement was reflected in the surge of several cryptocurrencies including Bitcoin (BTC), and Ethereum (ETH), like many investors, including those in the mainstream markets crowded the firm’s shares, in hopes of getting an indirect exposure to the cryptocurrency industries.

In terms of price movements, BSV surged to an All-Time High (ATH) of $491.64 on April 16, XRP jumped to its 52-week high of $1.96, defying its indictment in the ongoing Ripple-SEC lawsuit, and Dogecoin outran most altcoins to top an ATH of $0.4377. Unusually, Dogecoin has been able to maintain its meteoric rise to the top 6 cryptos by market cap, making this current price action different from the previous pump and dump schemes it has been embroiled with.

Mike Novogratz’s Short Term, Medium Term Recommendations

It is of no doubt that every market dip comes with some traders or investors who are always caught in the crosshairs. Many will buy-in at the peak and when prices fall, they tend to amass significant losses. 

Drawing on this, Mike Novogratz noted that market damage does not heal overnight and recommends the building of a trading base in the short term to cushion potential price losses whenever the market excitement mounts. In the medium term, Novogratz believes the influx of institutional investors into the cryptocurrency ecosystem will help rebalance the whole system.

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Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
About Author
Godfrey Benjamin
177 Articles
Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture. Follow him on Twitter, Linkedin

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