During an Interview for held yesterday, Mike Novogratz, a renowned capital investor, and former Goldman Sachs partner, was bullish about the future of cryptocurrencies; although this time he was also more cautious and less impulsive about his predictions.
Novogratz has always been a believer in the idea that institutional involvement is crucial to achieving the mass adoption of cryptocurrencies and the “explosion” in the markets many enthusiasts dream of.
Although there have been regulatory difficulties in the crypto markets during 2017-2018 (years in which many expected a massive involved by the institutions given the growth of the markets), Novogratz considers that during this year the price of bitcoin will close above the actual levels, but well below the ATH of 2017.
Novogratz: Excited but Cautious
One of the reasons for this is the lack of an institutional figure to provide solidity and confidence to new investors; however, Novogratz believes this situation may change next year:
“I don’t see us breaking $10,000 by the end of the year but I think [in] Q1/Q2 if the institutions start coming in, we’ll put in new highs,”
Novogratz expressed his excitement over Fidelity’s announcement to offer custody services to investors. During the interview, he talked about the importance of this news as a possible catalyst for a future bullish run on the bitcoin Market:
“[The Fidelity product] probably be up and running in January or Q1, and then you’ve got to run some water through the pipes, so my guess is you start seeing institutional flows into purely cryptoassets late first quarter – early second quarter …
The creation of Fidelity Digital Assets is the first step in a long-term vision to create a full-service enterprise-grade platform for digital assets”.
He stated that at this moment, Galaxy Digital, his investment firm is long on bitcoin. From the perspective of technical analysis the immediate limits he handles are 6.2K as important support and 6.8 as a resistance to overcome:
“I think you got to take out 6800 first, and if that happens you’ll see people getting excited, and this is kind of the front run for institutions to come in …
We’re long. It has held really well above 6200.”
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Following the week of sellers having their saying throughout the market, a return of bulls can be witnessed in the daily trading of coins mid-October. While some of the leading cryptocurrencies are struggling to recover from the 11th Oct drop, Lumen [XLM] and against the US Dollar are the only standing in the green looking at the last seven days performance.
Stellar [XLM]
Reaching the level of $0.2410, the pair XLM/USD is returning to its recent trading ground before the BTC plunge that took place one week ago. With a 24-hours increase of 7.32%, the 6th largest coin is counting a market cap of $4.5 bln.
Source:
The break above at $0.2200 opened gates for the token to increase value and welcome more buyers in as a positive sentiment has taken over both of the speedy coins. Stellar’s XLM is the only keeping up with XRP’s positive march which is possibly aiming for another attempt to successfully close above $0.5000.
Coinsuper and XLM
Via their official Twitter handle, the Hong-kong based fiat to crypto exchanging platform Coinsuper announced XLM’s listing while making the coin more attractive to enthusiasts with a short description about it.
Stellar Lumens (XLM) is now listed on Coinsuper!! 
-Stellar is a platform that connects banks, payments systems, & everyday people.
-#6 (Coinmarketcap), deep alliance w/ ,
— Coinsuper (@Coinsuper_OFCL)
-Stellar is a platform that connects banks, payments systems, & everyday people. -#6 (Coinmarketcap), deep alliance w/ , –
About XLM
Stellar (token: XLM) is an open-source protocol for exchanging money. Servers run a software implementation of the protocol, and use the Internet to connect to and communicate with other Stellar servers, forming a global value exchange network. At launch, Stellar was based on the Ripple protocol. After making several changes to critical consensus code, the Stellar network forked.
You may find more information about XLM at:
– Latest Stellar Related: BLOC company just announced that the crypto-exchanging platform Hyperion has partnered up with to back up Stellar-based assets. Hyperion facilitates the trade of digital assets (to include cryptocurrencies) on an SEC-licensed alternative trading system (ATS), an arrangement that it has attained through a strategic investment in the Delaware Board of Trade (DBOT).
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Disclaimer: This article is not meant to give financial advice. Any opinion herein is purely the author’s and does not represent the opinion of Ethereum World News or any of its other writers. Please carry out your own research before investing in any of the numerous cryptocurrencies available. Thank you.
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