Despite the recent sell-off, Galaxy Digital CEO Mike Novogratz expressed cautious optimism about the present state of the cryptocurrency industry at a recent conference.
Ethereum, the largest altcoin, will be able to hold the $1,000 level, according to the cryptocurrency tycoon.
On the Bitstamp market earlier today, the price of Ether fell to $1,075 for the first time since January 2021. The most popular altcoin lost more than 40% of its value in a week before making a little rebound.
At the time of publication, Ether was trading for $1,228. The cryptocurrency appears to be in the midst of a long-overdue relief rally.
After Bitcoin plummeted to as low as $20,816 on the Bitstamp market earlier today, Novogratz feels the flagship cryptocurrency is close to bottoming.
As a result of the latest price drop, the entire worth of the crypto market is now well below $1 trillion.
Bitcoin and Ether are down 66.88% and 75.10%, respectively, from their record highs, according to CoinGecko data.
CryptoQuant analyst Ki-Young Ju predicted that Bitcoin would not go below $20,000 due to institutional money.