Mike

Galaxy

TRON

Squawk

Bitcoin is racing toward $100,000, smashing records along the way. Early Thursday, it traded at $97,000, with a new all-time high of $98,367. 
But not everyone’s popping champagne. Mike Novogratz, the CEO of Galaxy Digital and a seasoned crypto investor, is one of the skeptics. “Bitcoin hitting six figures feels inevitable,” he said on Squawk Box. “But the market’s drowning in leverage, and corrections are coming.” 
Novogratz <a href="https://www.cnbc.com/2024/11/21/novogratz-warns-that-there-will-be-a-bitcoin-correction-says-crypto-is-levered-to-the-gills.html" rel="nofollow noopener" target="_blank">called</a> out the sheer volume of borrowed money in the system, warning that the crypto market’s relentless climb won’t last forever. “The crypto community is levered to the gills,” he said, predicting a pullback is inevitable. 
That doesn’t mean Bitcoin is about to crash. Novogratz is confident the cryptocurrency won’t dip below $80,000, where it stood before Trump’s reelection sparked fresh optimism in the market. Still, he cautioned that Bitcoin-linked stocks, like MicroStrategy, could face even more brutal corrections. 
MicroStrategy has been on a tear, with its stock soaring 650% this year, thanks to its Bitcoin-buying frenzy. The company recently raised more cash by issuing convertible bonds to grab even more Bitcoin, fueling the hype further. 
While this strategy has grabbed headlines and made it a Wall Street favorite, Novogratz isn’t impressed. “I personally would tell my investors to buy straight Bitcoin,” he said, dismissing such leveraged plays. 
<h3 id="span-style-font-weight-400-november-s-explosive-rally-backed-by-institutional-inflows-span">November’s explosive rally backed by institutional inflows</h3> 
November is turning out to be one for the books, with Bitcoin up 34.17% so far. It’s the best November since 2020, driven by a postelection rally and huge institutional activity. 
February was another standout month, boasting a 43.86% surge, but much of the year saw Bitcoin stuck in a tight range between $50,000 and $70,000. The breakout has reignited excitement in the market. 
A big driver of this rally? Bitcoin ETFs. Institutional investors have been piling into these funds, creating new demand that’s been pushing prices higher. 
Despite a mysterious selloff — where a seller unloaded $14 to $15 billion worth of Bitcoin between $92,000 and $94,000 last week — the market shrugged it off. Bitcoin kept climbing, demonstrating its ability to withstand big hits. 
Altcoins are also having a moment. XRP, TRX, TON, ADA, and SOL all surged after the U.S. election, with market sentiment boosted by Trump’s pro-crypto stance. Daily spot trading volume for altcoins hit $18 billion on November 11, the highest since August, showing renewed interest across the board. 
Trump’s administration has been a breath of fresh air for crypto enthusiasts, who expect more favorable policies in the years ahead. 
<h3 id="span-style-font-weight-400-altcoins-surge-but-the-market-faces-new-risks-span">Altcoins surge, but the market faces new risks</h3> 
XRP, in particular, is having a banner year. On November 15, the XRPL network recorded $3.5 million in daily decentralized exchange (DEX) trading volume, driven by its newly launched automated market maker. The spike in activity coincided with a surge in active addresses, hitting their highest levels of 2024. 
Meanwhile, TRON (TRX) hit an all-time high, thanks to record-breaking transaction volumes and the growing dominance of USDT on its network. TRON now processes 10 million transactions daily, while the supply of USDT on the network has swelled to over $60 billion. 
TON isn’t sitting idle, either. Its network activity remains robust, with daily active addresses hovering near 1 million — a staggering jump from just 60,000 at the start of the year. Much of this growth can be traced back to the April integration of USDT, which has become one of the most active tokens on the network.&nbsp; 
Since its debut, USDT’s circulating supply on TON has hit $1 billion, attracting more liquidity to the platform. 
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Galaxy Digital CEO Mike Novogratz warns of Bitcoin correction soon, says market is overleveraged

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