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.
With the nascent crypto space still under scrutiny, several followers tried to reign in the crypto bashing.
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.
Brandt says the trading chart of XRP shows a descending triangle pattern that is symptomatic of market manipulation.
Says Brandt,
“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.
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.
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