This great businessman and prominent Bitcoin bull Mike Novogratz said that he does not believe that the price of Litecoin will keep his dramatic early week's rally and he will "sell it here." Speaking with CNBC Novogratz, the founder of the Crypto Hedge Fund, Milk Investment Partners, said that although he believes that Bitcoin represents the opportunity for investors even after the fourth quarter rally, but he does not think that light coin the same presents upwards.
He does not think Litecoin rally is the only foot in the form of bitcoin, he said. He sold it here and bought a bitcoin. During the last week, the cost of light cognition was more than three times and it briefly crossed $ 400 on cryptocurrency exchange GDX. At present, the price of light coin is trading at a global average of $ 336, making it the fifth largest cryptocurrency of the total market cap.
This Novogratz attributed the rally to a "agile promoter", perhaps Litecoin producer Charlie Lee, who has shown many high profile media this week and has promoted around the power network technology, to be integrated into both bitcoin and light cone One more theory of hope is that Coinbase users, many of which are new to cryptocurrency markets. Not, Litecoin are because it Bitcoin more than Ethereum seem "cheap" is, two cryptocurrencies went offered on brokerage platforms purchase.
This Novogratz said that rallies like light coins are a sub-product of the industry's "speculative craze", as well as the fact that none of the protocols are ready for "prime time". It looks like a speculative. They are in the midst of a speculative frenzy, and one step in this entire decentralized revolution is just selling the story. Any of these protocols are going to be ready for prime time for at least two to three years, so we are selling the story of the future, he said.
Its courses novogrates quickly accept that their bets were already wrong. Although he called Bitcoin for a $ 10,000 climb, he believed that this achievement would trigger a sold off. Consequently, they sold some of their stake, a dip that never came and waiting to buy back in the following. It cost me a fortune, he said.
SOURCE - https://www.cryptocoinsnews.com/sell-mike-novogratz-bearish-litecoin-price-surge/