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Galaxy Digital CEO Mike Novogratz named two cryptocurrencies that, in his opinion, are “on the edge of the abyss,” that is, their rates could collapse to a minimum: XRP and ADA.
The head of Galaxy Digital believes that community loyalty alone is not enough to maintain the rates of these cryptocurrencies at the current level, much less for further growth. According to Novogratz, Ripple and Cardano coins need to prove their usefulness in the real world, rather than relying solely on hype. XRP and ADA were once popular, but now, in order to avoid a serious drop in price, issuers of these assets must change their development strategy, the top manager is convinced.
“Charles Hoskinson, bless him, kept the Cardano community alive on a blockchain that people don’t use very often. It had a strong community, just like XRP. Is it possible to preserve this community when there is now a huge variety of blockchains and cryptocurrencies ?” Novogratz asked rhetorically.
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The CEO of Galaxy Digital believes that investors’ attention is now moving towards projects with “solid fundamentals.” Novogratz said several crypto projects have launched “with impressive success” over the past year and offer some value to users. As an example, Novogratz named the Hyperliquid initiative to buy back and burn tokens.
According to the entrepreneur’s forecast, virtual asset service providers will compete with each other to become neobanks. In the next three years, traditional crypto exchanges could rebrand to offer clients money market products and tokenized shares, Novogratz suggested.
The head of Galaxy Digital is bullish on Bitcoin. He is confident that the first cryptocurrency has every chance to show a powerful rally in the coming year and grow above $100 000.
