Altcoins

This Altcoin Group Will Run First After Market Wipeout As Capital Takes Flight to Quality, Says Crypto Strategist

A intently adopted crypto analyst thinks market contributors 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 very least $1 billion market caps.

In accordance to the analyst, the market meltdown prior to now few days is making traders assume twice about accumulating speculative altcoins.

“In my opinion, this wipeout results in a flight to quality from here for altcoins. Once the market can sustain a bid, we’ll likely 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 think most of [artificial intelligence-focused crypto projects are] vaporware, like 99%, but I think the 1% will change this industry far more than any other vertical with the exception of RWAs (tokenized real-world assets) 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 bet. Shocked that it’s now a contrarian take, only makes me more bullish though.”

Earlier this month, Altcoin Psycho mentioned that AI crypto tasks are nonetheless undervalued as compared to the market cap of two of the biggest memecoins.

“Entire (crypto) AI vertical is ~$40 billion market cap. Doge alone is $27 billion. Shiba another ~$15 billion. Feels weird saying this, but AI tokens are still undervalued.”

At time of writing, the highest AI cash within the crypto house have a collective market cap of $20.57 billion, in accordance to CoinGecko.

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