Wall Street Investor: The Altcoin Squeeze Might Be Over, Eyes on Bitcoin

Altcoins have strongly outpaced Bitcoin over the past few days. This is a large shift compared to what took place just weeks ago where it was BTC that was leading the market and altcoins that were down in the dumps.

But here we are, with altcoins up dozens of percent today as Bitcoin only posts a slight profit of 5%. Mike Novogratz, a Wall Street investor and the chief executive of Galaxy Digital, recently commented on the rally.

Related Reading: Here’s Why Ethereum’s DeFi Market May Be Near A Bottom

Mike Novogratz Talks Altcoin Rally

Prior to launching Galaxy Digital, a multi-faceted crypto bank, Novogratz was a partner at Goldman Sachs and an executive at Fortress Finanical.

The investor recently commented that he’s “been up since 2am trading crypto,” noting that he thinks the altcoin squeeze has ended:

“I’ve been up since 2am trading crypto. Haven’t touched $BTC. Im HODLing there. Can’t tell if the alt squeeze is over but feels like it might be. I like Defi more than ghost chains. A lot more. The top 10 market cap coins will look 50percent different in 18 months.”

I’ve been up since 2am trading crypto. Haven’t touched $BTC. Im HODLing there. Can’t tell if the alt squeeze is over but feels like it might be. I like Defi more than ghost chains. A lot more. The top 10 market cap coins will look 50percent different in 18 months.

— Mike Novogratz (@novogratz) November 24, 2020

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What’s Next for Bitcoin?

Novogratz remains extremely bullish on Bitcoin despite his belief that the altcoin rally is exhausted. He recently commented in response to an inquiry from Maisie Williams, the Game of Thrones actress, that he thinks Bitcoin could hit $65,000 in the future:

“I bought more $BTC last night at 15800. It’s going to 20k and the. To 65 k. The network effect has taken over. I see tons of new buyers and there is very little supply. It’s an easier trade here that at 11k. So YES, buy it.”

Novogratz is a believer that the cryptocurrency will begin to eat up gold’s market share as a store of value in this market cycle.

The investor adopted BItcoin extremely early. He purchased tens of thousands of coins when it was around $100, though sold some during the bull markets that followed. He still owns a good portion of his net worth in the cryptocurrency space, he has commented many times.

Related Reading: 3 Bitcoin On-Chain Trends Show a Macro Bull Market Is Brewing

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Wall Street Investor: The Altcoin Squeeze Might Be Over, Eyes on Bitcoin