These cryptocurrencies could face selling pressure according to an analyst: STRK, ENA, OMNI, JUP, ONDO
1. Crypto analyst Thor Hartvigsen calculated the Fully Diluted
Valuation of altcoins and identified tokens that could face selling
pressure.
2. Hartvigsen noted that four months into 2024, there is a massive increase in the supply of several altcoins.
3. New tokens expected to be launched this year, alongside unlocks could push supply higher.
Thor Hartvigsen, investor at Heartcore Capital and a crypto analyst has identified a list of cryptocurrencies that are expected to see a massive increase in their supply. Typically, an increase in selling pressure negatively impacts an asset’s price.
Crypto tokens likely to battle selling pressure
Thor Hartvigsen, Blockchain and DeFi investor has evaluated altcoins and their supply. Four months into 2024, the analyst notes that there has been a massive increase in the supply of altcoins. Hartvigsen has made a list of altcoins:
Hartvigsen has evaluated the market capitalization, and Fully Diluted Valuation (FDV) of altcoins including Jupiter (JUP), Athena (ENA), Ondo (ONDO), Wormhole (W), Starknet (STRK), and Dymension (DYM) among others.
The expert states that $8.6 billion in additional liquid supply has
been injected into the market, within the past four months of 2024.
Another $70.5 billion in total unlocks is lined up in the coming years, says Hartvigsen. The metric float is derived by dividing the market capitalization of an asset with its FDV. The average float for new tokens is 13.6%, and the analyst notes that this is the tip of the iceberg when it comes to new tokens coming in 2024.
Several categories, modular infrastructure, bridges/ cross-chain messaging, liquid re-staking tokens, EigenLayer, Ethereum scaling Layer 1, 2 and 3, Perp DEXes are set to see several new tokens.
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