According to a closely watched crypto analyst, market participants are likely to seek refuge in altcoins after the market’s recent decline.
Pseudonymous Altcoin Psycho told his 501.200 social media followers that he saw investors rotating Funds into crypto assets that are worth at least 1 billion dollars.
The analyst says that the recent market collapse has made investors rethink their decision to accumulate altcoins for speculation.
“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.”
This analyst is also names Three crypto subsectors he believes could change the game for digital assets.
“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.”
You can also reiterates The bull market in 2024 will be dominated by artificial intelligence.
“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.”
Altcoin Psycho, a cryptocurrency research firm that was founded in 2013, stated this past month that AI projects were still being undervalued when compared with the value of two 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.”
The top AI coins are currently ranked by collective market capitalization in the cryptocurrency space. market cap CoinGecko estimates that the total value of these transactions is $20,57 billion.
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