Michael Novogratz, a macro hedge fund manager, spoke at the second annual Yahoo Finance All Markets Summit in New York on September 20. According to Novogratz, the Bloomberg Galaxy Crypto Index (BGCI) has indicated a “classic bottom” in the price of Bitcoin.
The index tracks 10 digital currencies and makes predictions in the movement of the crypto market based on various financial models and historic movements in the market. It analyzes the performance of some of the highest volume cryptocurrencies against the USD, including Bitcoin, Ethereum, Monero, Ripple and Zcash. Assets were chosen based on a variety of characteristics including their use-cases as stores of value, mediums of exchange, privacy, and smart contract capabilities.
BGCI, produced by Galaxy Digital Capital Management and Bloomberg shows that the 10 digital assets tracked by Galaxy Digital have lost 85% of their value since peaking earlier in 2018. At the time of Novogratz’s speech, Bitcoin was hovering between $6400-6500 USD. It now sits at just over $6750 and may break out and surpass the $8,000 mark, according to experts who say that the prices to watch closely for Bitcoin are $5,613.89 and $8,931.47. according to Forbes contributor, Panos Mourdoukoutas, Professor and Chair of the Department of Economics at LIU Post.
These numbers were derived in research conducted by Panos Mourdoukoutas and Greg Giordano. According to Giordano, “The average of Hayes’ and Wheatley’s models is currently $5,613.89 compared to Bitcoin’s price at a little over $6,300.”
Dennis Consorte has an appetite for news and information about cryptocurrencies, blockchain, IoT, fintech, adtech, martech and other technologies. He also has over 20 years’ experience in digital marketing and content strategy.
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