- There seems to have been somewhat of a revival in altcoins.
- Many of the large-cap cryptocurrencies have seen an exciting resurgence in their price over the past few weeks.
- Michael Novogratz is still a little sceptical on the alternative cryptocurrencies...
Over the past few weeks, there seems to have been somewhat of a revival in altcoins. Many of the large-cap cryptocurrencies have seen an exciting resurgence in their price over the past few weeks. Whether this is down to bitcoin is unknown.
But the well-known crypto figure, former hedge fund manager and current founder of Galaxy Digital Holdings, Michael Novogratz is still a little sceptical on the alternative cryptocurrencies. It’s well known that Novogratz is a big fan of the leading cryptocurrency and has made extreme predictions over the past few years. In fact, in regards to the altcoins, Novogratz has called them “venture bets”.
You can see his Twitter thread below:
3. $BTC has found a place as a weapon in macro portfolios as digital gold - a hard asset. All other crypto’s are venture bets and will only have lasting value if they become a product that is useful. $eth might be the trust level people build on. If it does, it’s a great bet.— Michael Novogratz (@novogratz) February 6, 2020
But in response to this, the CEO of ripple, Brad Garlinghouse was very quick on the mark. Specifically, Garlinghouse responded to the comment from Novogratz in that XRP would experience a lacklustre 2020. The CEO said:
Ahem... IS THIS THING ON... can I get a fact check on aisle CoinDesk?— Brad Garlinghouse (@bgarlinghouse) February 5, 2020
XRP has outperformed BTC and the broader crypto market in 2020. XRP is up 44% (19.1 to 27.5) vs BTC's 33% (7,100 to 9,500) so far this year.#factsmatter https://t.co/KAdFqD93t1
Whereas XRP’s future for the next 12 months is looking positive, the leading cryptocurrency still seems to have an edge on how it will perform over the next year. The argument of whether ripples flagship token is decentralised or not is still up for debate amongst many members of the crypto community.
It will be interesting to see how this plays out. For more news on this and other crypto updates, keep it with CryptoDaily!