Crypto Ups and Downs on Jan 30 - Feb 5

In this article we present the weekly overview of the biggest gainers and the greatest downers among cryptocurrencies with the highest market capitalization
05 February 2018   3216

From this article you will learn about the most unpredictable ups and downs of cryptocurrencies. We have analyzed the crypto market, and researched the most popular tokens and coins with market capitalization over $1M. In the charts below you can find all relevant information regarding the leaders of growth and fall during past 7 days.

This week was pretty sucessful for such major cryptocurrencies as Revain, DigixDAO and Tether. For instance, DigixDAO token increased from $229 to $491 within only 4 days, and then fell down to the point of $255 as of February 5, which nevertheless gave a 16,91% price rise to the token within a  week.

The biggest rise was shown by Revain token, which grew 51,87% with past 7 days, having risen from $1,05 to $1,45 while its market capitalization increased from $199 million to $268 million.

The Biggest Gainers

Name Market
  Cap
Price 
in $
Volume
 (24h)
Change %
(7 days)
Tether 2 218 493 269 1 3 016 390 000 + 0,44
DigixDAO 514 602 000 257,30 54 467 900 + 16,91
Bitcore 275 965 11 24,98  1 657 300 + 2,30
Revain 265 124 741 1,44 5 631 330 + 51,87
bitCNY 50 611 144 0,168371 84 162 200 + 12,11

Nevertheless, past week was not so fortunate for some of the cryptocurrencies. The great number of coins and tokens decreased more than 50%, falling down in price and market capitalization.

The Greatest Downers

Name Market
  Cap
Price 
in $
Volume
 (24h)
Change %
(7 days)
ICON 1 338 707 969 3,51 55 620 900 - 58,14
Ardor 399 540 857 0,399941 12 105 400 - 57,30
Medibloc 107 591 641 0,036270 2 038 060  - 57,66
PACcoin 60 631 123 0,000024 317 528 - 65,66
Unikoin Gold 50 134 518 0,373146 680 842 - 57,08 

The leader of fall of this week is PACcoin, which fell 65,66%, having market capitalization decreased from $188 million to $61 million only within 7 days. Moreover, ICON, the token which has a huge market cap of more than $1 billion, has also had a relatively unsuccessful week. ICON fell 58%, having its price lower from $9,6 to $3,6 from January 30 to February 5.

Bitcoin May Pass Gold Market Cap, - Novogratz

Mike Novogratz continues to be Bitcoin and cryptocurrency optimist 
25 March 2019   105

The founder of Galaxy Digital, Mike Novogratz, expressed the opinion that over the next 20 years, Bitcoin’s capitalization would “easily” surpass the gold market, currently estimated at $ 7.5 trillion. It is reported by The Daily HODL.

In a conversation with the founder of Morgan Creek Digital, Anthony Pompiano, Novogratz stressed that the inflow of institutional money to the cryptocurrency market is only a matter of time, and major players like Goldman Sachs and the Intercontinental Exchange (ICE) are already mastering a new industry.

I know Goldman for instance is gearing up around securities tokens. They’re not doing anything yet, but they’re getting really ready and looking at all the questions on – where would you store them? Do you have to build your own custody, or can you use someone else’s custody? How to get them to work.
 

Mike Novogratz

Founder, Galaxy Digital

According to him, the growth potential of Bitcoin is strong and therefore it is advisable for investors to include the first cryptocurrency in their portfolios:

I think the macro case for [Bitcoin] is pretty strong. And so, if you can put a couple percent of your portfolio in, there’s a decent chance it catches wind. Fidelity is just getting set up. Bakkt continues to get delayed a little bit, but it’s not going to be delayed forever. They’re going to be in the game. And there’s lots of other players coming.
 

Mike Novogratz

Founder, Galaxy Digital

According to him, the volume of the gold market is $ 7.5-8 trillion and in order to outperform this market, the first cryptocurrency needs to grow in price at least 100 times.

Gold’s got an $8 trillion market cap, or a $7.5 trillion market cap. And so, we’re 100x off on that. We’re not going to get there in Bitcoin in the next year or two. But over a 20-year period, could that happen? Easily. Easily. And that’s giving zero optionality to all the other stuff. And so I think it seems like a pretty smart portfolio bet.
 

Mike Novogratz

Founder, Galaxy Digital

The founder of Galaxy Digital also touched on the topic of bitcoin futures.

The reality is, the CME kicked their butts. And these guys have limited resources on what they’re going to spend their focus, and they decided to spend it elsewhere. Finding leverage in Bitcoin is going to get easier as the architecture in the space gets better. You’re already seeing the lending market around Bitcoin went from 10% to like 3%. So once you can borrow you can short. And so now it’s not so hard to short Bitcoin. It used to be almost impossible to short Bitcoin in 2016… It wasn’t great, but it’s not critical. 
 

Mike Novogratz

Founder, Galaxy Digital

In February Mike expressed the opinion that, thanks to institutional money, Bitcoin will reach $ 8,000.