The past week brought good tidings for Bitcoin as it broke through the psychologically critical mark of $50,000, hitting a new 4-month high. The experts believe that this price surging in Bitcoin will result in a parabolic move in all other cryptocurrencies.
Billionaire Makie Novogratz talked about the crypto market on CNBC’s Squawk Box. He said that the reason behind the price surge of Bitcoin and Ether is the increase of new crypt-enthusiast investors. He had the following remarks on the bullish resurgences of Bitcoin:
“I literally see a scenario where we take out the highs in Bitcoin, and we have one of these parabolic moves in all of the crypto going into the fourth quarter.”
Many new investors were observed at the start of this year as the bull market first slid into full gear. However, the recent change of events is triggering a new wave of entrants into the crypto market. Crypto analytics platform Glassnode tweeted on Oct. 7 that:
“Bitcoin Entities in Profit has risen to 94.3%. Over 16.2% of all on-chain entities have returned to profit since the Sept lows. The last time this many network entities were in profit was before the sell-off in May.”
Mike Novogratz also commented on how Bitcoin is replacing gold, and it is the only cryptocurrency that matters. He called Bitcoin the “Digital Gold.” Meanwhile, the investors are investing more in Bitcoin instead of gold due to hedge against inflation. Read the full story here!