Galaxy Digital CEO Mike Novogratz said during a recent earnings report that he wouldn’t be surprised if cryptocurrencies were trading “significantly” higher by the end of the year.
In addition, Novogratz noted that the cryptocurrency market is becoming more “constructive” than at the beginning of 2022.
Mike Novogratz marks the end of the year with a big growth in the cryptocurrency market
Galaxy Digital CEO Mike Novogratz correctly predicted that by 2022, the cryptocurrency market will face a new downturn and will struggle to recover due to the weakness of the US stock market caused by the rapid reduction of the US Federal Reserve System.
So much so that the leading cryptocurrency Bitcoin and many top altcoins faced great difficulties in January. As a result of these declines, the leading cryptocurrency dropped below the $33,000 level on January 24.
However, bulls have recently managed to regain control of the market, raising the price of bitcoin to a 2022 high of $48,234 on the Bitstamp exchange earlier this week.
According to CoinMarketCap, at the time of writing, bitcoin (BTC) continues to trade at $44,721, with a drop of 4.94% over the past 24 hours.
The reason for thinking about bitcoin and the cryptocurrency market in general is that the European Parliament voted to ban anonymous payments in cryptocurrency. So much so that immediately after the vote in the European Parliament, a decrease in bitcoin by 4.4% was recorded.
Bitcoin, on the other hand, is still trading 33.76% below its all-time high, despite significant progress over the past few weeks.
Mike Novogratz also pointed to the rise in popularity as the main catalyst for the next possible rally. On the other hand, the CEO of Galaxy Digital emphasized that there is a lot of innovation in sectors like the metaverse.
Novogratz recently predicted that bitcoin could reach half a million dollars in the next five years, and stated that the cryptocurrency was ahead of the Internet adoption cycle.
The CEO of Galaxy Digital believes that the industry is still in its infancy, despite the huge growth over the past few years.