Top Galaxy Digital Officials Recently spoke on current market trends and Bitcoin adoption volume in an Earnings Conference Call. The crypto-financial services provider remains optimistic about crypto assets in 2022, especially after a series of positive events for the sector.
Galaxy heading for glory?
CEO Mike Novogratz was thrilled with the company’s fourth quarter, which concluded a stellar year for Galaxy Digital.
“Our partner’s $2.6 billion capital leaves us with one of the most balanced, strongest balance sheet companies in the crypto space.”
In a previous interview, Novogratz had predicted a “rangy” year for Bitcoin between $30,000 and $50,000. To the delight of many, the tide has completely turned for him, with the addition of the director:
† the innovation we’re seeing in Web 3 and in the Metaverse space, I’ve gotten more constructive than it was at the start of the year. And so I wouldn’t be surprised if the cryptocurrency were significantly higher by the end of the year.”
Bitcoin’s bullish performance can be evidenced by the more recent price candlesticks. The RSI indicator was at 58.7 at the time of going to press – suggesting more upside in the charts.
A range of factors have contributed to this. For example, some have claimed that the Russian invasion of Ukraine helped Bitcoin bulls in the latest rally. There has also been a continued rise in adoption rates in many countries, despite the legal ambiguity of crypto regulations.
The same was recently highlighted by an analysis of blockchain wallet users, an analysis released by Deutsche Bank.
The forecast data is more than promising, and the same points to an uncompromising upward trend in the macro landscape for blockchain technology.
Bitcoin, the world’s largest crypto by market capitalization, is at its core.
Damien Vanderwil, co-chair of Galaxy Digital, is also optimistic about Bitcoin. And there’s even more good reason to be. In 2021, $33 billion was invested in crypto and blockchain startups, more than all previous years combined.
What is Bitcoin’s forecast for 2022?
While the year started off slow for Bitcoin, it has enjoyed the bulls pushing for $50,000 in recent weeks.
The importance of Bitcoin in the current market was further underlined by Glassnode. in his last weekly newsletter, Glassnode shared some good news for investors worried about crypto volatility. According to the Newsletter
“The longer a coin remains inactive, the more likely it is to remain so.”
This suggests that investors who have owned a coin for more than a year are likely to experience “wild price swings” and therefore likely to be “higher conviction HODLers”. More importantly, Bitcoin’s characteristic volatility is likely to favor its price movement.