Share this article
Novogratz Says Crypto Market Showing 'Classic Bottom'
Michael Novogratz, the founder of the cryptocurrency asset management firm Galaxy Digital, believes the market has hit a bottom.
Updated Sep 13, 2021, 8:24 a.m. Published Sep 21, 2018, 5:00 p.m.
Michael Novogratz, the founder of the cryptocurrency asset management firm Galaxy Digital, believes the market has hit a bottom.
The market is experiencing "seller fatigue," Novogratz contended while speaking at Yahoo Finance's second annual All Markets Summit on Thursday, and added further that bitcoin, the biggest cryptocurrency by market capitalization, is now on the upswing.
STORY CONTINUES BELOW
Не пропустите другую историю.Подпишитесь на рассылку Crypto Daybook Americas сегодня. Просмотреть все рассылки
Indeed, bitcoin is showing signs of life, having persistently found takers around $6,000 in the last three months. Hence, the signs indicate that the bears have likely run dry.
Novogratz also took note of the "classic bottom" in Galaxy Digital's cryptocurrency index, which is down more than 80 percent from its peak.
The valuations are cheap by December standards, and that could entice bargain hunters and investors like Novogratz who view bitcoin as a store of value.
"Bitcoin has held $6,000. Yes, it is off its highs, but it has established itself as a store of value," Novogratz said, according to a report from Reuters. The billionaire investor also told attendees that, in his view, plenty of money is waiting on the sidelines.
Novogratz similarly touched on the recent craze around cannabis-related stocks, noting that the investor fervor "feel[s] like bitcoin and ethereum did in December of last year," according to a separate report from CNBC.
"The companies trade up to $28 billion on almost no revenue," he was quoted as saying by the network. "If I was long them, I'd sell them and if you're a speculator, I'd get short them."
Photo by Brady Dale for CoinDesk
Больше для вас
KuCoin captured a record share of centralised exchange volume in 2025, with more than $1.25tn traded as its volumes grew faster than the wider crypto market.
Что нужно знать:
- KuCoin recorded over $1.25 trillion in total trading volume in 2025, equivalent to an average of roughly $114 billion per month, marking its strongest year on record.
- This performance translated into an all-time high share of centralised exchange volume, as KuCoin’s activity expanded faster than aggregate CEX volumes, which slowed during periods of lower market volatility.
- Spot and derivatives volumes were evenly split, each exceeding $500 billion for the year, signalling broad-based usage rather than reliance on a single product line.
- Altcoins accounted for the majority of trading activity, reinforcing KuCoin’s role as a primary liquidity venue beyond BTC and ETH at a time when majors saw more muted turnover.
- Even as overall crypto volumes softened mid-year, KuCoin maintained elevated baseline activity, indicating structurally higher user engagement rather than short-lived volume spikes.
Больше для вас
Dogecoin, PEPE rocket as much as 25% as 2026 starts with a bang for memecoins
The broader meme coin market is heating up, with CoinGecko's GMCI Meme Index showing a market value of $33.8 billion and a trading volume of $5.9 billion.
Что нужно знать:
- Dogecoin and Pepe led a significant meme coin rally, with Dogecoin rising 11% and Pepe surging 17% in a single day.
- The broader meme coin market is heating up, with CoinGecko's GMCI Meme Index showing a market value of $33.8 billion and a trading volume of $5.9 billion.
- Traders are speculating on meme coins as a high-risk, high-reward opportunity amid uneven liquidity and a lack of clear macroeconomic catalysts.
Top Stories
