Mike Novogratz of Galaxy Digital says the recent focus on altcoins has caused Bitcoin to trade sideways. But there may be a rebound later in this year.
“Bitcoin’s at a consolidation right now. Partly because you’re seeing a lot of these treasury companies in other coins take their shot,” said Novogratz on CNBC Squawk Box, Thursday.
BitMine Immersion Technologies is a Blockchain technology firm. leading the pack among altcoin treasury firmsRecently buying 200 million EtherETHETH, and increasing its stockpile of ETH to more than $9 billion.
Altcoins can bring energy and money into the space
Forward Industries is a Nasdaq-listed company that designs and manufactures products. said on Monday it had secured $1.65 billion To launch the Solana, stablecoins and cash commitments will be required.SOLA focused strategy for crypto treasury.
Novogratz stated that deals such as this led by cryptocurrency-native firms Galaxy Digital, Jump Crypto, and Multicoin Capital are “bringing energy into the crypto space” You can also find out more about the following: “bringing money into the crypto space.”
“And Bitcoin is kind of going sideways a little bit. I think, while these other ecosystems are having their moment, I think probably we have another big surge up towards the end of the year.”
Bitcoin may surge on the back of positive developments
Bitcoin fluctuated between $110,055 to $116,083 over the past seven days. according CoinGecko.
Novogratz predicted that a Bitcoin boom could return as the US Federal Reserve begins its new monetary policy. “cutting cycle,” Positive developments continue to be seen in this space. Paul Atkins of the Securities and Exchange Commission has spoken about the importance of future growth. about modernizing the securities regulations Markets can be moved on-chain.
Galaxy Digital’s CEO has also pointed at Nasdaq, the stock market operator filing for a rule change with the SEC on Monday Tokenized stocks are allowed to be traded. exchange-traded funds.
“This blockchain revolution had really just been Bitcoin as a store of value. And then stablecoins as cross-border payments,” Novogratz said.
“And what held us back was blockchains being fast enough, safe enough, secure enough and trusted enough, and more importantly, a regulatory framework that allowed people to experiment. And so now we have both.”
The crypto market is moving to a plot-driven narrative
Novogratz says that even though “healthy competition” between different crypto firmsIn the finance industry, there is a chance that a single firm will eventually take control.
Related: Crypto treasuries ‘easy money’ ends, but that may be good for crypto
“Ethereum has its own community and and its own narrative and its own use case. Yes, it will compete against Solana and other blockchains, but it’s not like we’re going to have one blockchain to rule them all,” He said.
“But most importantly for the space, money is going to move into the space, as we start moving from narrative to plot.”
Magazine: How Ethereum treasury companies could spark ‘DeFi Summer 2.0′
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Source: cointelegraph.com
