As a seasoned crypto investor with several market cycles under my belt, I find Andrew Kang’s recent remarks on altcoins and meme coins intriguing. His prediction that over 98% of altcoins have already peaked for the current cycle aligns with my own observation of the market.
According to Andrew Kang, the founder of Mechanism Capital, approximately 98% of all existing altcoins have likely reached their peak performance in this particular market cycle.
In late 2024 to early 2025, a limited number of coins are expected to set fresh price peaks, primarily comprised of meme coins, which hold significant potential for reaching new heights.
Altcoin and Meme Coins Prediction
In more straightforward terms, Kang’s latest comments expand upon his observation from last week that Bitcoin reached a turning point for the crypto market. He explains that this shift follows extended patterns of profitable trading activities that have become deeply entrenched.
One common error in cryptocurrency trading is purchasing assets when the market trend shifts from an uptrend to a downtrend.
Corrections from big market structure breaks are always deeper and longer than most expect
You do not buy when a few people are bearish 10% off BTC highs. Some…
— Andrew Kang (@Rewkang) July 7, 2024
In his X post on July 7, Kang warned against a frequent error in the cryptocurrency sector: purchasing assets when the market trend transitions from bullish to bearish. He underscored that downturns following major market structure breaches often prove more severe and prolonged than expected.
“Kang advocates against purchasing Bitcoin when a small group is bearish near its peak. However, it’s essential for some sellers to exit the market, causing prices to drop. He recommends buying during the next cycle once most have been liquidated, many leave the crypto sphere, and skepticism about crypto’s future prevalence is widespread.”
One user of X expressed their take on Kang’s remarks, understanding him to imply that the present price peak has passed for most altcoins, and it might not be advisable to purchase anymore until late 2024 or early 2025. In response, Kang stated, “I strongly suspect that over 98% of altcoins have reached their cycle peaks, with a few potential exceptions possibly reaching new highs toward the end of 2024 or the beginning of 2025.”
As a crypto investor, I’d put it this way: “Meme coins make up a significant portion of the coins with potential for reaching new peaks in my perspective. With hundreds of thousands of meme coins available, it’s crucial to exercise careful selection.”
Future Prospects
The crypto community is eagerly anticipating the U.S. Securities and Exchange Commission (SEC)’s upcoming ruling on Ethereum spot ETF trading. Industry professionals and market insiders are hopeful that this decision, due within the next fortnight, may lead to a fresh surge in Ethereum prices.
Kang posits that Bitcoin is evolving into a “hyper-cyclical asset,” displaying traits reminiscent of past cycles, yet demonstrating growing attributes of a well-established macro investment class.
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2024-07-08 14:38