One of the most respected crypto analysts says that a catalyst may cause the cryptocurrency market to go on a massive rally.
Jamie Coutts is the Chief Crypto Analyst at Real Vision and he says artificial intelligence (AI), offers massive potential growth for cryptocurrency.
The exponential growth curve goes parabolic. “The exponential growth curve becomes parabolic .”
The analyst, based on his graph, suggests that the market value for smart contracts platforms by 2030 could be between $15 trillion to $25 trillion by using digital assets and Blockchain technology.
Coutts continues by saying that the key indicators indicate a bottom in the market for altcoins.
Analysts say that some altcoins may not recover, while others could trade in a narrow range before reaching new highs later this year.
Analysts look at top 200 equal-weight index which measures the performance of top 200 cryptos by their market capitalization in relation to Bitcoin (BTC), daily active users (DAU) of smart contract platforms, and altseason indicator.
The index continues to trend down, but the altseason indicates that the recent washout (only 10% outperformed BTC in a 90 day look back) likely marked a relative bottom. This has always been the case, at least historically. Alts may still be bouncing around at these levels before we start to see any real growth, but many of them have already started building decent bases. The DAUs have increased 97% in the last year. Growth has been a bit slower in the last month, but it is still on course to reach greater than 20 millions, up from just 6 million users in 2023. Growth continues unabated…
It is exhausting to sort through all the shitcoins. Many will not be able to recover their previous highs due a variety of reasons – poor tokenomics, lackluster PMF, poor product-market fit, absence of community, etc. It’s important to note that it is evident that the layer-1s, and decentralized apps (dApps), will. Monitor the metrics of growth. In the second half of 2024, some will reach new heights. .”
Subscribe for email alerts to avoid missing a beat
___________________
Please follow us at X@InvCryptoDaily
Surf the ICD mix
Sources of Images: Pixabay Creative Commons DALLE3
The ICD published the first version of this post: This Catalyst could trigger a parabolic rally in total crypto market cap, says analyst Jamie Coutts.
