After the recent market dip, a renowned crypto analyst predicts that investors will turn to larger, more established altcoins for safety.
Flight to Quality
Altcoin Psycho, with over 500,000 followers, believes that investors will seek out altcoins with market caps of at least $1 billion. The market meltdown has made investors wary of speculative altcoins.
AI, RWAs, and Stablecoins
The analyst highlights three crypto subsectors that could have a significant impact on the industry:
- Artificial Intelligence (AI): Despite the current hype, Altcoin Psycho believes that a small percentage of AI-focused crypto projects have the potential to revolutionize the industry.
- Tokenized Real-World Assets (RWAs): These assets represent real-world items, such as real estate or commodities, on the blockchain.
- Stablecoins: These cryptocurrencies are pegged to fiat currencies, such as the US dollar, and provide stability during market volatility.
AI Remains Top Bet
Altcoin Psycho reiterates that AI remains his top choice for the 2024 bull market. He believes that AI tokens are still undervalued compared to memecoins like Dogecoin and Shiba Inu.
At the time of writing, the total market cap of AI coins is around $20.57 billion, while Dogecoin alone has a market cap of $27 billion.
