As the crypto market navigates a period of uncertainty, both Bitcoin and altcoins are showing signs of potential support. However, the market is still waiting for clear signals, and investors are eagerly anticipating the next altcoin season. According to Ellio Trades, a prominent crypto analyst, there are more than 10 altcoins that could surge by 20x by the end of this year. Here’s what you need to know.
What Is Altcoin Season?
Altcoin season refers to a period when Bitcoin’s dominance in the market decreases, allowing altcoins to rise. Currently, Bitcoin’s dominance is increasing, which means we are not yet in an altcoin season. For this to occur, Bitcoin needs to break its all-time highs and show a reduction in dominance. However, predicting when this shift will happen remains uncertain.
Ellio Trades’ Top Altcoin Picks
In a recent analysis, Ellio Trades shared his insights on which altcoins investors should focus on as the market prepares for a potential altcoin season. He breaks his strategy down into three main categories: gaming, artificial intelligence (AI), and meme coins. These sectors have gained significant traction in the crypto world since mid-2023.
1. Gaming Sector
The gaming sector experienced a massive surge in the fourth quarter of 2023, and while the market has since slowed, Ellio Trades believes certain gaming coins remain strong. Among them, Immutable stands out as a project with a vast collection of games and strong potential. Beam is also highlighted as a solid investment, while Ronin and Superverse show promise due to their large user bases and community-driven models.
2. Meme Coins
Meme coins continue to capture the attention of crypto enthusiasts, but instead of chasing new coins, Ellio Trades advises sticking with proven names. Pepe and MOG are two meme coins that have performed well. For those interested in meme coins on the Solana blockchain, Dogwifhat and Popcat are worth watching.
3. Artificial Intelligence (AI) Projects
AI-related crypto projects are also on Ellio Trades’ radar. He specifically points to AOS, Destra, and BitTensor as promising AI-focused altcoins. However, he warns that these projects should be approached with a mindset similar to meme coins, where hype and storytelling play a significant role in their success.
4. Real World Assets (RWA) and Layer 1 Coins
Beyond gaming, meme coins, and AI, Ellio Trades also discusses real world assets (RWA), noting that major players like BlackRock have shown interest in this space. He also highlights the importance of Layer 1 protocols, though he notes that many of these projects, including Celestia and Say Network, are already highly valued. Nonetheless, they remain on his watchlist for potential growth.
Timing Is Key
Although the market is currently in a state of uncertainty, Ellio Trades believes that with the right strategy and carefully selected investments, substantial gains are possible. By focusing on key sectors such as gaming, AI, and meme coins, investors could be positioned to capitalize on the next altcoin season. However, caution is still advised as the volatile nature of the crypto market continues. The timing of Bitcoin’s dominance will be crucial in determining when altcoin season begins.
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