Markets
This catalyst could trigger a parabolic rally in total cryptocurrency market cap, says analyst Jamie Coutts
A widely followed cryptocurrency analyst says a catalyst could send the cryptocurrency market into a parabolic rally.
Jamie Coutts, lead cryptocurrency analyst at Real Vision, He says that artificial intelligence (AI) offers huge growth potential for cryptocurrencies.
“What happens when AI agents start using cryptocurrencies? The exponential growth curve becomes parabolic.”
Source: Jamie Coutts/X
Looking at the chart, the analyst suggests that by 2030, the overall market value of smart contract platforms could reach between $15 and $25 trillion, through the use of digital assets and blockchain technology by AI agents.
Next up is Coutts He says that key indicators are signaling that a market bottom is forming for altcoins.
However, the analyst says that some altcoin projects may never recover and others may range-bound for some time before reaching new all-time highs (ATH) later in the year.
The analyst examines the top 200 equal weight index, which tracks the performance of the top 200 cryptocurrencies by market cap versus Bitcoin (BTC), the daily active users (DAU) count of smart contract platforms and the altseason indicator.
“The index is still down, but the altseason indicator shows that the recent dip when it hit 10% (only 10% of the top 200 have surpassed BTC in a 90-day lookback) was likely a relative momentum bottom. At least historically, this has been the case. While alts may still bounce around these levels for a while before seeing a concerted takeoff, many have started to build decent bases. DAUs are up 97% YTD. Yes, growth has slowed over the past month, but we are on track to hit 20M+, up from 6M in 2023. Growth continues unabated…
However, sifting through shitcoins is exhausting and it is clear that many, due to a combination of factors (supply/unlocks, suboptimal tokenomics, poor product-market fit, no community, etc.), will never reclaim their ATHs. Importantly, it is clear that some of the strongest layer-1 and decentralized applications (dApps) will. Keep monitoring growth metrics. Some will reach new ATHs in the second half of 2024.”
Source: Jamie Coutts/X Don’t miss a beat – subscribe to receive email alerts directly in your inbox
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