Galaxy Digital CEO Mike Novogratz used a cautiously optimistic tone about the current state of the cryptocurrency market despite the recent decline.
Novogratz believes that the largest altcoin, Ethereum, can hold the $1000 level.
Earlier today, Etherum price dropped to $1075 on the Bitstamp exchange, its lowest level since January 2021. The leading altcoin wiped out more than 40% of its value in a week before seeing a slight rebound.
At the time of writing, Ether was changing hands at 1236 dollars.
As for Bitcoin, Novogratz also believes that the flagship cryptocurrency is near the bottom after falling as low as $20,816 on the Bitstamp exchange earlier today.
The total value of the cryptocurrency market is currently below $1 trillion as a result of the latest price drop.
According to data provided by CoinGecko, Bitcoin and Ether have dropped 28% and 34% respectively in the last 7 days. CryptoQuant analyst Ki-Young Ju claimed that it is unlikely that Bitcoin will drop below the $20,000 level due to institutional money. The latest cryptocurrency crash was caused by leading lending platform Celsius to suspend withdrawals for all its users, and rumors of the company’s bankruptcy fueled speculation.
