One closely watched cryptocurrency analyst believes market participants will seek refuge in a group of altcoins following last week’s market-wide decline.
pseudonymous analyst Altcoin Psycho tells his 501,200 followers on social media platform rotation Invest your funds in cryptocurrency assets with a market capitalization of at least $1 billion.
According to analysts, the market crash of the past few days has made investors think twice about accumulating speculative altcoins.
“I think this wipeout has resulted in an improvement in the quality of altcoins here. Once the market is able to sustain a bid, we will see mid to large cap alts executing first..”
Analysts too name The three cryptocurrency subsectors he believes could be game-changers for the digital asset industry.
“I think most cryptocurrency projects focused on artificial intelligence are about 99% vaporware. But I think 1% will change this industry much more than any other industry, except RWA (tokenized real assets) and stablecoins. .”
That too repeat Artificial intelligence (AI) remains his top priority in the 2024 bull market.
“In my 2024 predictions, I wrote that AI is my biggest certainty. Now I’m shocked that it’s the other way around, and it only makes me more optimistic.”
Earlier this month, Altcoin Psycho said that the AI cryptocurrency project is still undervalued compared to the market capitalization of the two largest memecoins.
“The overall (crypto) AI sector has a market capitalization of about $40 billion. Doge alone is $27 billion. Shiba accounted for another roughly $15 billion. “It feels strange to say this, but AI tokens are still undervalued.”
As of this writing, the total market capitalization of the cryptocurrency industry’s leading AI coins stands at $20.57 billion, according to CoinGecko.
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