The crypto rally has unleashed a debate on whether or not crypto traders should own Bitcoin, altcoins or a mix of both, and which crypto assets should be sold in order to lock down bigger positions in better investments.
Bitcoin bull Mike Novogratz, CEO of digital asset investment firm Galaxy Investment Partners and an early crypto investor, has made millions on timely crypto trades. He bought $500,000 worth of Ethereum when it was one dollar. From 2016 to 2017, he cashed out enough Bitcoin and Ethereum to make a hefty $250-million profit.
Now the venture capitalist and ex-hedge fund manager is calling Litecoin (LTC) “a glorified testnet”. He tweeted to his 116,000 followers that they should sell Litecoin and buy Bitcoin instead.
Gold has an $8.5 trillion dollar market cap. Silver is $15bn That is .17%. $BTC has a $90bn mkt cap. $ltc is $5.7bn which is 6.4% of $BTC. Silver is at least useful for industrial production. $ltc is a glorified test net for $btc. I don't get this rally. Sell $ltc buy $btc.
— Michael Novogratz (@novogratz) April 3, 2019
With the nascent crypto space still under scrutiny, several followers tried to reign in the crypto bashing.
Novogratz is a smart man, but even he should know the crypto market doesn’t need any finger pointing or coin bashing. He’s heavily invested in BTC, and that’s great! If you don’t own Litecoin then don’t talk about LTC. This FUD isn’t helpful to the crypto space.
— GPSTrackerShop (@GPSTrackerShop) April 3, 2019
Veteran trader Peter Brandt would disagree with Novogratz’s assessment. In a separate tweet on April 2nd, he told his 261,000 Twitter followers that Litecoin is the real winner. He would also bet on Bitcoin, Bitcoin Cash and Monero. But not XRP.
$XRP – the manipulators have successfully defended crucial support levels. But with my $$ I would much rather own $BTC, $BCH and $XMR Though $LTC is the real winner among macro caps pic.twitter.com/SiipSqxJ39
— Peter Brandt (@PeterLBrandt) April 3, 2019
Brandt says the trading chart of XRP shows a descending triangle pattern that is symptomatic of market manipulation.
“I am not trying to troll XRP bugs or create controversy. I am simply stating that historically a descending triangle that works its way to the apex is a very technically weak situation. Don’t shoot the messenger when you don’t like the message.”
“Dynamics at work in a massive descending triangle that moves to apex.
1. Mkt is manipulated
2. Manipulators support at fixed level
3. But are forced to lower their selling price as time goes on
4. If (when) support gives way, desperation will ensue $XRPUSD.”
“The concept of the desc tri is that the market does not have enough power to rally any further and the manipulators keep getting every so desperate.”
Not all of his followers agree.
I respect Brandt for his long-term experience in the market. However, one misleading issue here. It is well known that Ripple is selling off xrp to fund their many start-ups to increase market liquidity and user case. More this and less whales that matter. Big implications
— Joshua Tilghman (@JoshuaTilghman) March 23, 2019
The crypto markets continue to flash red on a volatile Thursday.
The widespread sell-off and correction follow Monday’s sharp rally. At time of writing, BTC is trading at $4,865, down 5.23%. ETH dropped 10.31% to $156.05. XRP is down 10.21% at $.331. LTC is down over 12.15% at $82.56. BCH dropped 18.31% to $276.11, and XMR is down 10.77% at $62.49.