Cryptocurrency has hit bottom, bitcoin to bounce back: Michael Novogratz

Bitcoin was last valued at $6,419.03, less than a third of its peak near $20,000 in December 2017. Cryptocurrencies.

Bitcoin experienced a “classic speculative global mania” in 2016-2017 but is now on the upswing because the market has hit .

There is a lot of institutional money ready to spend on cryptocurrencies, particularly at venture funds, said Novogratz of a move that would boost prices.