A well-known crypto analyst suggests that altcoins are poised for a breakout after falling short of expectations.
During a recent strategy session, Jamie Coutts, the chief crypto analyst at Real Vision, shares with his 18,500 followers on X that while Ethereum (ETH) showed strong performance earlier this month, altcoins are still struggling to keep up with Bitcoin (BTC).
Coutts predicts that altcoins will start to turn around in the latter half of 2024 as liquidity in the market improves.
“Despite a strong performance by ETH recently, there hasn’t been a significant follow-through, and the SCP sector continues to lag behind Bitcoin. The Altseason index confirms this, with only 18% of the top 100 assets (excluding stables) outperforming BTC. I believe we will see a turnaround in the second half of the year as liquidity gradually improves,” Coutts explains.
Coutts also believes that the recent crypto crash is a normal part of the market cycle and that opportunities will arise for traders once the market stabilizes.
Looking at the breakdown of sector returns from his crypto classification framework over the past three months, Coutts notes significant declines in various sectors, while BTC and ETH have held up relatively well. He anticipates that mid and small caps could present opportunities once the market settles.
At the time of writing, BTC is trading at $66,950, and ETH is trading at $3,482.
To stay updated on the latest news and price action in the crypto market, subscribe to get email alerts, follow on X, Facebook, and Telegram, and check out The Daily Hodl Mix.
Please note that the opinions expressed in The Daily Hodl are not investment advice, and investors should conduct their own research before making high-risk investments in Bitcoin, cryptocurrency, or digital assets. All transfers and trades are at the individual’s own risk, and any losses incurred are the responsibility of the investor. The Daily Hodl does not provide recommendations for buying or selling cryptocurrencies or digital assets and is not an investment advisor. Please be aware that The Daily Hodl engages in affiliate marketing.