Bitcoin has been trading sideways recently as corporates focus on accumulating altcoins, according to Mike Novogratz, CEO of Galaxy Digital. As various treasury companies are investing heavily in altcoins, Bitcoin is currently in a consolidation phase, with its price fluctuating between $110,055 and $116,083 in the past week. Novogratz notes that potential future momentum for Bitcoin could arise as the US Federal Reserve begins its interest rate cutting cycle alongside positive regulatory developments that could support on-chain markets. He also emphasizes that the crypto ecosystem is evolving from merely a narrative phase to one where substantive financial movement is expected. He predicts that while there's healthy competition among different blockchains, there will not be a single dominant player, as each ecosystem like Ethereum and Solana has its own community and use case.

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