A closely watched cryptocurrency analyst believes market participants will seek refuge in altcoins following last week's overall market decline.
Pseudonymous analyst Altcoin Psycho told his 501,200 followers on social media platform X that he was watching investors. Rotate Invest in crypto assets with a market capitalization of at least $1 billion.
The analyst said the market crash in recent days has caused investors to reconsider speculative altcoin accumulation.
“In my opinion, this sweep will be a flight to quality from here for altcoins. If the market can sustain the bid, mid-to-high-cap alternatives are likely to be the first to be bid.”
Analyst too name There are three crypto subsectors that he believes have the potential to transform the digital asset industry.
“Most [artificial intelligence-focused crypto projects are] Vaporware is like 99%, but I think 1% will change this industry more than any other industry except RWA (tokenized real world assets) and stablecoins. ”
He also repeat He said artificial intelligence (AI) remains a top contender for the 2024 bull market.
“In my 2024 prediction, I wrote that AI was my biggest believer. I was shocked that that turned out to be a contrarian view, but it only makes me even more bullish. ”
Earlier this month, Altcoin Psycho said that AI crypto projects remain undervalued compared to the market capitalization of the two largest meme coins.
“The market capitalization of the (crypto) AI industry as a whole is about $40 billion.Doge alone is worth $27 billion.Mr. Shiba has an additional about $15 billion.It seems strange to say this, but AI tokens are Still undervalued.”
According to CoinGecko, at the time of writing, the total market capitalization of the top AI coins in the cryptocurrency space is $20.57 billion.
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