15 Altcoins May Support Altcoin Rally and Altcoin Season With BitGo

15 Altcoins May Support Altcoin Rally and Altcoin Season With BitGo

Source: BitGO

The announcement of BitGo platform acquiring could provide substantive support to the market and altcoin season.

A fortunate man, crypto billionaire Michael Novogratz originally rose to fame as a wrestler. He later became a dollar billionaire but lost most of his capital during the 2007-2008 crisis. And he got rich again after he had started investing in bitcoin and Ethereum. He launched his cryptocurrency asset management firm Galaxy Digital in 2018. The firm initially focuses on institutional investors; Novogratz stated on the launch:

– We are the bridge between the crypto and the institutional worlds. Our mission is to institutionalize the space, and promote the growth and advancement of the underlying ecosystem and technology behind digital assets and blockchain.

According to cryptocurrency analysts, now it is the institutionalists who rule the market. Therefore, Galaxy Digital’s decision to acquire BitGo is very timely.

BitGo was founded in 2013, supports 150 exchanges, serves about 400 institutional clients, holds assets worth $40 billion. BitGo is popular among services that simplify access to cryptocurrency management. The experts acknowledge that this wallet is fast and reliable. In particular, several Telegram bots have been created on the BitGo multi-currency wallet, both for retail and institutional investors.

BitGo also supports hot and cold custody of crypto assets. Currently, besides bitcoin, 15 cryptocurrencies are supported: Bitcoin Cash (BCH), Bitcoin Gold (BTG), Wrapped Bitcoin (WBTC), Litecoin (LTC), Ripple (XRP), Ethereum (ETH), Dash (DASH), Stellar (XLM), Algorand (ALGO), ZCash (ZEC), EOS (EOS), TRON (TRON), Celo (CELO), Tezos (XTZ), Hedera (HBAR). In addition, hundreds of ERC-20 tokens and Stellar tokens are supported. Despite the fact that a single unified API is used, any service can choose any set of cryptocurrencies for its users.

The completion of the BitGo acquisition is scheduled for the fourth quarter of this year. Mike Belshe, founder and CEO of BitGo, will become Deputy CEO of Galaxy Digital and serve on the Board of Directors. The deal may be an indicator that institutionals are increasingly interested in altcoins.

Mike Novogratz has preferred only two cryptocurrencies, bitcoin, and Ethereum, for a long time. It was not his personal choice, but the choice of Galaxy Digital clients; big investors did not trust other cryptocurrencies. But now the situation has changed. The whales want to have a possibility to switch to other assets in case the growth potential of BTC is over. Coins from the BitGo wallet are likely to rise faster than the market in the near future.