A carefully 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 buyers rotating funds into crypto property with at the very least $1 billion market caps.
In accordance with the analyst, the market meltdown up to now few days is making buyers assume 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 seemingly 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 feel most of [artificial intelligence-focused crypto projects are] vaporware, like 99%, however I feel the 1% will change this business 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 tasks are nonetheless undervalued compared to the market cap of two of the most important 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 area have a collective market cap of $20.57 billion, based on CoinGecko.
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