Andrew Kang, founder of Mechanism Capital, has predicted that over 98% of altcoins have reached their peak for the current cycle, with only a select few likely to see new highs in late 2024 to early 2025. He suggests that meme coins could constitute the majority of these. Kang warns against buying too early when the market trend shifts from upward to downward, as corrections following significant market structure breaks are typically deeper and longer than expected.

The crypto industry is awaiting a decision from the U.S. Securities and Exchange Commission (SEC) on the launch of spot Ethereum ETF trading. Market observers are optimistic that a positive decision could trigger a new rally for ETH. Kang also believes Bitcoin is transitioning into a "supercyclish asset," increasingly behaving like a mature macro asset.