Investors remain cautious about altcoins. Even as Bitcoin approaches all-time highs and memecoins become popular again, retail investor interest in altcoins has waned. Famous analyst Miles Deutscher pointed out the significant challenges that the altcoin market will face in 2024, stating that the current situation is in stark contrast to the upward trend in 2021, and shared the fundamental factors suppressing altcoins.
Factors Suppressing Altcoins
One of the most important issues for altcoins right now is the emergence of more than 1 million new altcoins, including memecoins, on the Solana network since April 2024. Deutscher stated that the ease of creating new altcoins has led to market saturation and dilution of values.
Deutscher compared this new altcoin boom to inflation, stating that each new altcoin creates more pressure on the market, reducing the value of existing altcoin projects. According to him, this oversupply complicates market dynamics and negatively affects the performance of existing altcoins.
Another negative factor highlighted by the analyst is the risk capital influence. Deutscher criticized venture capitalists' tendency to maximize short-term returns rather than promoting sustainable growth. This situation increases the imbalance in the altcoin market and strains liquidity.
Suggests Focus Should Be on High-Quality Altcoin Projects
While offering a strategic approach to making profitable transactions in the current environment, Deutscher suggested that the focus should be on high-quality altcoin projects with clear strategies, innovative token economies, and strong community support. He noted that projects that make a difference in sectors such as Real World Assets (RWAs), artificial intelligence and gaming can perform better during periods of market volatility.
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