Crypto rally fading despite bottom called by Novogratz
Under the current wave of weak sentiment it was difficult to imagine the cryptocurrency sector rallying for more than two days in a row, and early signs of strength were starting to fade by late morning in Europe.
While reports of ethereum’s recent losses being linked to large-scale sell offs by recent initial coin offerings, the ether token was among those crypto assets rallying on Friday, but elsewhere, the rally appeared to be losing steam.
Novogratz calls bottom
Nevertheless, the upturn of last 36 hours or so have proved a welcome relief during which some have claimed to have eyed the market’s bottom.
In a posting on Twitter, Mike Novogratz, chief executive of crypto investment company Galaxy Digital Capital Management, said he thought the market was close to finding its support level.
He indicated that the Bloomberg Galaxy Crypto Index, which measures the performance of the largest digital tokens traded in US dollars, “put in a low yesterday [Wednesday].”
This is the BGCI chart…I think we put in a low yesterday. retouched the highs of late last year and the point of acceleration that led to the massive rally/bubble… markets like to retrace to the breakout..we retraced the whole of the bubble. #callingabottom pic.twitter.com/EasTBYgjSj
— Michael Novogratz (@novogratz) September 13, 2018
He added that the highs of late last year had been touched, and markets like to retrace the breakout – indicating the market could be poised for a large rally.
On Thursday, the markets did rally and Friday’s prices remained modestly higher. Here, then, is a round-up of Friday’s price action in the top 10 cryptocurrencies at 11.15am [London time]:
- Bitcoin -0.1% at $6.436
- Ethereum +6% at $205.13
- Ripple +0.8% at $0.27
- Bitcoin cash +1.3% at $445.92
- Eos +2.9% at $5.17
- Stellar lumens -3.5% at $0.20
- Litecoin -0.3% at $53.24
- Tether +0.1% at $1
- Monero -2.2% at $109.52
- Cardano -2.9% at $0.07