SkyBridge Capital founder Anthony Scaramucci has stated that it is "likely" that some of the altcoins have already had their "last hurrah."
"While it is really hard to predict what will happen in this market, I think it is possible (likely) that some of the alts had their last hurrah and are done," he said.
As reported by U.Today, various altcoins experienced double-digit losses in the span of 24 hours during a broader market correction.
The price of Bitcoin plunged to $92,245, the lowest price in nearly a month earlier today due to concerns about the Fed scaling back easing in 2025.
Scaramucci, a major Bitcoin supporter, is seemingly unfazed by the most recent market correction. According to the American financier, the largest cryptocurrency is "doing the normal thing" by wiping out leveraged momentum trades.
Godfrey BenjaminGalaxy Digital CEO Mike Novogratz recently predicted that Bitcoin might surge much higher. However, he also warned that significant corrections were inevitable.
According to data provided by CoinGlass, another $1.05 billion worth of crypto has been liquidated over the 24 hours due to extreme volatility.
Such severe corrections typically occur when there is heightened market exuberance.
As reported by U.Today, Scaramucci recently predicted that the price of Bitcoin could reach $200,000 in 2025.
During a recent interview with Bloomberg, the American financier also downplayed some persistent concerns surrounding MicroStrategy's debt, arguing that only a prolonged Bitcoin bear market lasting up to seven years could make the company collapse.
Scaramucci also did not rule out a major correction that could push Bitcoin back to the $60,000-$70,000 range, but he remains bullish.
Dan Burgin
Vladislav Sopov