In response to the plight of the altcoin market, well-known analyst Miles Deutscher shared his views.
He believes that the current altcoin market is far from entering a bull market, and the main reasons are as follows:
The impact of the Bitcoin narrative cycle: The main narrative that has driven Bitcoin to new highs is the introduction of spot ETFs, while altcoins lack similar catalysts. This has led to a lack of sufficient financial support for altcoins during the rise in Bitcoin prices.
Differences in industry performance: Specific narratives have outperformed concepts such as memes, artificial intelligence, and RWA, while major industries have lagged behind. This makes investors more inclined to invest funds in areas with clear prospects and potential rather than blindly chasing short-term gains in altcoins.
The problem of token dilution: Recently, a large number of new tokens have emerged in the market, resulting in increased market dilution. At the same time, nearly $200 million worth of tokens are unlocked and enter the market every day, generating sufficient selling pressure, further suppressing the momentum of the market's rise. #美联储利率决策即将公布 #第55期新币挖矿IO #IO价格预测 #币安用户数突破2亿 #非农就业人数高于预期 $BTC
