Speaking during an episode of CNBC’s Squawk Box yesterday, Mike Novogratz, CEO of asset management firm Galaxy Digital, said that Bitcoin (BTC) is currently in a consolidation phase as treasury firms are steadily warming up to the idea of adding altcoins to their balance sheets.

Novogratz Suggests Altcoin Stealing Light From Bitcoin

Bitcoin is currently trading about 7.4% below its all-time high (ATH) of $124,128, recorded on August 14. While the cryptocurrency has surged 5,2% over the past two weeks, its price action remains range-bound, indicating that it could be in a consolidation phase.

In a recent TV appearance, Novogratz stated that Bitcoin has been trading sideways for the past month, as treasury companies have focused on accumulating major altcoins lately. However, Novogratz ad

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