Speaking during an episode of the Squawk’s CNBC box yesterday, Mike Novgersati, CEO of Galaxy Digital, said that Bitcoin (BTC) is in a unification phase where the treasury companies steadily heat the idea of adding altcoins to their budgets.
Novogratz suggests that Altcoin steal the light from Bitcoin
Bitcoin is currently trading of about 7.4 % less than its highest levels (ATH) of $ 124128, registered on August 14. While the cryptocurrency has increased by 5.2 % over the past two weeks, the price procedure is still linked in the range, indicating that it may be in a standardization stage.
In a recent television appearance, Novoghatz stated that Bitcoin was circulated sideways during the past month, as Treasury companies focused on the recently major altcoins assembly. However, Novoghatz added that BTC may see another rise at the end of the year. He said:
Bitcoin is now unifying. Partially because you see a lot of these treasury companies in other metal currencies take their shot.
In fact, many Altcoins companies, such as ETHEREUM, have added to their public budgets this year. Imams techniques appeared in a point of view as a clear leader, a contract More than 2.1 million ETH in its public budget, worth about $ 9 billion.
Many other companies joined. Detected It holds more than 100,000 ETH. Likewise, Charlink is included in Nasdak more Total Eth for more than 800,000.
What causes the axis to altcoins?
Multiple reasons can bear the responsibility of companies that choose ETC on BTC for digital assets. For example, ETH offers much more use compared to bitcoin, such as facilitating fixed transactions, operating decentralized financing (Defi), and non -violating symbols (NFTS).
Recently, Jean Van Eyk, CEO of Asset Management Company It is called a name Eth “Wall Street” due to huge use cases. He added that Ethereum has a competitive advantage over its competitors.
Likewise, Jack Ma, associated with Yunfeng Financial I invested $ 44 million in ETH. Another company, ETHER MACHINE, raised $ 654 million in ETH in private financing earlier this month, indicating the growing rapid trend of ETH.
Besides ETH, other altcoins like Solana (Sol) also gain traction. Earlier this week, the design and manufacturing company for the industrial front I mentioned It raised 1.65 billion dollars in cash and Stablecoins to launch the treasury strategy that focuses on Sol.
Although Altcoins has lights, it would be wise to continue to monitor the BTC path. The collapse of the current monotheism phase is likely to rotate the capital from Altcoins to BTC. At the time of the press, BTC is trading at $ 115,050, an increase of 0.4 % in the past 24 hours.
Distinctive image from Unsplash.com, plans from Coingecko and TradingView.com
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