Altcoins on the Cusp of a Turnaround After Massively Underperforming, Says Crypto Analyst – Here’s the Timeline – Crypto News – Crypto News
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Crypto Analyst Says One Ethereum-Based Altcoin Flashing a Bearish Signal, Updates Outlook on Bitcoin Crypto Analyst Says One Ethereum-Based Altcoin Flashing a Bearish Signal, Updates Outlook on Bitcoin

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Altcoins on the Cusp of a Turnaround After Massively Underperforming, Says Crypto Analyst – Here’s the Timeline – Crypto News

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1 year ago

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A closely followed crypto analyst says that altcoins are on the verge of breaking out after falling short of expectations.

In a new strategy session, Real Vision chief crypto analyst Jamie Coutts tells his 18,500 followers on the social media platform X that even though Ethereum (ETH) performed well earlier this month, altcoins are still lagging behind Bitcoin (BTC).

According to Coutts, altcoins should see a turnaround sometime during the second half of 2024 as liquidity improves.

“Most crypto funds are overweight alts and not having as much fun as they would like, despite having a cracking six months from Q4 2023 to Q1 2024. Despite ETH’s recent outperformance, there’s been no follow-through (top chart) and the SCP sector continues to lag behind Bitcoin.

The Altseason index (bottom) confirms this trend, heading lower with only 18% of the top 100 assets (excluding stables) outperforming BTC. I still believe a turnaround will happen in the second half of the year – sooner rather than later, as liquidity at the margins is starting to improve (recent Central Bank cuts).”

Source: Jamie Coutts/X

Coutts goes on to say that he believes the latest crypto crash is a normal part of the market cycle and that opportunities await traders once the dust settles.

“This is the breakdown of the 3-month sector returns from my crypto classification framework:

  • Smart Contract Platform -31.58%
  • Infrastructure -43.28%
  • Digital World -44.13%
  • Digital Currency -31.59%
  • DeFi (decentralized finance) -31.15%
  • Applications -38.33%

BTC and ETH have held up -11% and 5%, respectively. If this is a regular mid-cycle correction we are experiencing, which I believe is likely, then expect some opportunities to be had in the mid and small caps once the market settles.”

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Source: Jamie Coutts/X

BTC and ETH are trading for $66,950 and $3,482 at time of writing, respectively.

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