Delphi Digital: Bitcoin is the "King of the Assets Class Hill"
- Bitcoin has had four straight bullish months from February-to-May.
- Michael Novogratz expects Bitcoin to consolidate beteem $7,000 to $10,000.
According to a Next Web report, analytical firm Delphi Digital has called Bitcoin (BTC) the "King of the Assets Class Hill" due to its outstanding performance in recent months. Bitcoin has had four straight bullish months and its performance in May was so impressive that the firm said:
"XMay's outperformance has been especially important given the broader weakness across many other asset classes."
As reported by Delphi Digital, the investors have turned to bitcoin instead of traditional assets To avoid significant volatility risks as a result of the US-China trade war.
"Contrary to its recent history, bitcoin has remained largely unaffected by the sell-off in risk assets, though expectations for market volatility are trending higher. It is still too early to claim victory yet, but BTC's uncorrelated nature has so far proved true," an analyst at Delphi Digital said.
Recently, a wealthy client reportedly approached Dadiani Syndicate, a digital currency investment firm, to buy as close to 25% of the bitcoin supply as possible. eToro analyst Mati Greenspan commented on the news saying, "A buyer of this size is going to push the price up to make this kind of accumulation even more expensive."
Founder and CEO of Digital Michael Novogratz said that he expects bitcoin to consolidate in the $7,000–$10,000 range. He stated:
"If I'm wrong on that, I think I'm wrong to the upside, that there's enough excitement and momentum that it could carry through."
Author
Rajarshi Mitra
Independent Analyst
Rajarshi entered the blockchain space in 2016. He is a blockchain researcher who has worked for Blockgeeks and has done research work for several ICOs. He gets regularly invited to give talks on the blockchain technology and cryptocurrencies.
