According to recent buzz on Twitter, one of the biggest names in the crypto-industry, Michael Novogratz, is speaking up and questioning the biggest price shift made by altcoins yet this year, raising a red flag for crypto-enthusiasts everywhere.
Michael Novogratz is the CEO of U.S.-based Galaxy Digital Holdings Ltd, a limited partner of Galaxy Digital LP, a merchant banking institution focused on digital assets and blockchain technology.
The crypto mogul recently spoke out via tweet about this week’s altcoin rally, which saw altcoin prices make some of the biggest moves we have yet to see this year.
I’m not sure I understand the altcoin rally. Happy for those making money on it. But not sure what changed. Maybe new year, new money, new enthusiasm. Dinner in NYC for best explanation.
— Michael Novogratz (@novogratz) January 15, 2020
New Altcoin Prices Leave Observers Stunned
The tweet was posted just days after Bitcoin SV (BSV), one of the more popular Bitcoin off-shoots, made the biggest price move in its history, seeing its value more than double in price at one point.
On top of this, several other prominent altcoins, such as Dash and Bitcoin Cash have also seen significant movement.
But while the event is certainly something that all altcoin holders can celebrate, many have been left wondering what caused the shift and whether or not there are any reasons to suspect foul play.
Novogratz is certainly one of the biggest names that have recently spoken out about the rally, but countless other market participants are now beginning to speak up, wondering what could have caused the sudden shift of such magnitude.
What Caused The Spike?
As it stands, there is still much debate over why such a major uptrend could have happened so suddenly. While some attribute the shift to some of the new futures options recently made available for Bitcoin, Novogratz, and countless others, aren’t so sure.
Another popular theory floating around is that the price spike could have been caused after one of Bitcoin’s major investors, and the self-proclaimed inventor of Bitcoin, Craig Wright, told a U.S. federal court judge he would be able to provide a detailed list of all his crypto holdings.
Since Wright owns a rather large portion of Bitcoin, his court statement could potentially be the reason for the disruption.
In the meantime, opinions over the rally continue to pour in, and we’re all left wondering what truly caused the recent spikes.