Bitcoin Beats Other Cryptos in ‘Smarter’ Bull Market, Says Billionaire Investor
By CCN: 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.
Not this time. Market getting smarter. $btc will outperform.
— Michael Novogratz (@novogratz) May 19, 2019
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.
Will bitcoin continue to outperform altcoins?
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.
The optimism towards bitcoin, despite the emergence of sophisticated altcoins, is well founded due to the involvement of major financial institutions in the likes of Fidelity and TD Ameritrade building infrastructure on top of bitcoin.