A intently adopted crypto analyst thinks market individuals will search shelter in a bunch 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 least $1 billion market caps.
In keeping with the analyst, the market meltdown previously 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 probably 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 trade.
“I feel most of [artificial intelligence-focused crypto projects are] vaporware, like 99%, however I feel the 1% will change this trade way over every other vertical except RWAs (tokenized real-world property) and stablecoins.”
He additionally reiterates that synthetic intelligence (AI) stays his prime play for the 2024 bull market.
“Wrote in my 2024 predictions that AI is my highest conviction wager. 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 house have a collective market cap of $20.57 billion, in line with CoinGecko.
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