Michael Novogratz said that the leading altcoin project has outperformed Bitcoin because the fundamental view of ETH makes investors see it as a technology bet. Here is Galaxy Digital CEO’s CNBC interview…
ETH managed to hold higher in the December correction!
In an interview with CNBC’s ‘Squawk Box’, Novogratz outlined his “tech betting” view and talked about the current outlook in the crypto and equity markets. The Galaxy Digital executive’s comments came as the market experienced a downturn, exacerbated by the worldwide uncertainty regarding the Omicron variant of Covid-19. The panic selling triggered by the news pushed the Bitcoin price below $50,000 and the total loss reached almost 20%. Meanwhile, Ethereum has struggled to climb above $4,400, down nearly 6% last week. Novogratz attributes this performance of ETH to several factors…
According to Novogratz, one reason why the leading altcoin project has outperformed BTC is the fact that it attracts more investors during a shift in investment perspectives. Galaxy Digital CEO also suggests that Bitcoin is limited in its use cases and currently most people use it as a hedging tool. On the other hand, Ethereum has great use cases, from smart contracts functionality to DeFi and NFT applications. Novogratz also includes the following statements in the interview:
People see Ethereum as a technology bet and Bitcoin as a depreciation of a fiat currency bet.
Michael Novogratz says altcoin market could stagnate
Novogratz also talked about crypto markets and stocks, saying that crypto is not trading as bullish as stock markets. However, he remains optimistic about the broader crypto space and predicts that Bitcoin price is unlikely to drop below $40,000 even as it drops below $50,000. Apart from that, he added that this would be the case even if there was an increase in the influence of a very hawkish Fed on risk.
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