Bitcoin Beats Other Cryptos in ‘Smarter’ Bull Market, Says Billionaire Investor

Mike Novogratz, the billionaire CEO of Galaxy Capital and a former hedge fund manager at Fortress Investment Group, believes alternative cryptocurrencies, or altcoins, will be outperformed by bitcoin in the bull market.

The statement of Novogratz comes after the bitcoin price risen by more than 115 percent year-to-date against the U.S. dollar, leading the crypto market to add $124 billion to its valuation.

Historically, altcoins have relied on the price trend of bitcoin and have rarely demonstrated independent price movements in extended time frames.

Altcoins typically surge in value when the bitcoin price shows stability at a tight price range, leaving investors to take high-risk and high-return options over the dominant cryptocurrency.

Reference: https://www.ccn.com/bitcoin-will-outperform-altcoins-in-bull-market-billionaire

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Author: Neo Anderson

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