A intently adopted crypto analyst thinks market individuals will search shelter in a gaggle of altcoins following final week’s marketwide dip.
Pseudonymous analyst Altcoin Psycho tells his 501,200 followers on the social media platform X that he sees traders rotating funds into crypto property with at the very least $1 billion market caps.
In response to the analyst, the market meltdown up to now few days is making traders suppose twice about accumulating speculative altcoins.
“In my view, this wipeout leads to a flight to high quality from right here for altcoins. As soon as the market can maintain a bid, we’ll doubtless see mid/high-cap alts run first.”
The analyst additionally names three crypto subsectors that he thinks could possibly be a game-changer for the digital asset business.
“I believe most of [artificial intelligence-focused crypto projects are] vaporware, like 99%, however I believe the 1% will change this business excess of another vertical except RWAs (tokenized real-world property) and stablecoins.”
He additionally reiterates that synthetic intelligence (AI) stays his high play for the 2024 bull market.
“Wrote in my 2024 predictions that AI is my highest conviction guess. Shocked that it’s now a contrarian take, solely makes me extra bullish although.”
Earlier this month, Altcoin Psycho mentioned that AI crypto initiatives are nonetheless undervalued compared to the market cap of two of the biggest memecoins.
“Whole (crypto) AI vertical is ~$40 billion market cap. Doge alone is $27 billion. Shiba one other ~$15 billion. Feels bizarre saying this, however AI tokens are nonetheless undervalued.”
At time of writing, the highest AI cash within the crypto area have a collective market cap of $20.57 billion, in accordance with CoinGecko.
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