Altcoins on the Cusp of a Turnaround After Massively Underperforming, Says Crypto Analyst – Here’s the Timeline
The post Altcoins on the Cusp of a Turnaround After Massively Underperforming, Says Crypto Analyst – Here’s the Timeline appeared on BitcoinEthereumNews.com.
A closely followed crypto analyst says that altcoins are on the verge of breaking out after falling short of expectations. In a new strategy session, Real Vision chief crypto analyst Jamie Coutts tells his 18,500 followers on the social media platform X that even though Ethereum (ETH) performed well earlier this month, altcoins are still lagging behind Bitcoin (BTC). According to Coutts, altcoins should see a turnaround sometime during the second half of 2024 as liquidity improves. “Most crypto funds are overweight alts and not having as much fun as they would like, despite having a cracking six months from Q4 2023 to Q1 2024. Despite ETH’s recent outperformance, there’s been no follow-through (top chart) and the SCP sector continues to lag behind Bitcoin. The Altseason index (bottom) confirms this trend, heading lower with only 18% of the top 100 assets (excluding stables) outperforming BTC. I still believe a turnaround will happen in the second half of the year – sooner rather than later, as liquidity at the margins is starting to improve (recent Central Bank cuts).” Source: Jamie Coutts/X Coutts goes on to say that he believes the latest crypto crash is a normal part of the market cycle and that opportunities await traders once the dust settles. “This is the breakdown of the 3-month sector returns from my crypto classification framework: Smart Contract Platform -31.58% Infrastructure -43.28% Digital World -44.13% Digital Currency -31.59% DeFi (decentralized finance) -31.15% Applications -38.33% BTC and ETH have held up -11% and 5%, respectively. If this is a regular mid-cycle correction we are experiencing, which I believe is likely, then expect some opportunities to be had in the mid and small caps once the market settles.” Source: Jamie Coutts/X BTC and ETH are trading for $66,950 and $3,482 at time of writing, respectively.…
Filed under: News - @ June 14, 2024 8:12 pm