• bitcoinBitcoin$24,521.001.35%
  • ethereumEthereum$1,994.203.32%
  • ElrondElrond$65.41-0.44%

According to Mike Novogratz, Ether Is Likely to Hold $1,000

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.

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