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    Home » Analyst Forecasts Declining Profits for Alternative Coins as Cryptocurrency Market Matures
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    Analyst Forecasts Declining Profits for Alternative Coins as Cryptocurrency Market Matures

    By adminOct. 28, 2024No Comments2 Mins Read
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    Analyst Forecasts Declining Profits for Alternative Coins as Cryptocurrency Market Matures
    Analyst Forecasts Declining Profits for Alternative Coins as Cryptocurrency Market Matures
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    On-chain analyst Willy Woo believes that the explosive growth potential for altcoins will continue to decline as the cryptocurrency market evolves. He highlights that the current cycle is different from previous ones, as it marks the third time since 2017 that altcoins are competing for attention.

    Woo points out that unlike past periods that focused on decentralized finance (DeFi) and groundbreaking technology, the current enthusiasm for altcoins is largely centered around memes, which he sees as a misstep for the crypto landscape. He expects that while altcoin seasons will still happen, they will not be as vigorous as in earlier years.

    He stated, “Expect mid-cap and low-cap coins to experience price surges following Bitcoin’s rallies, as investors seek returns across the risk spectrum.” However, he warns that these altcoin seasons will be less powerful compared to the significant bubble witnessed in 2017.

    In his assessment, Woo compares the evolving altcoin market cap to a cricket bat that has undergone numerous modifications. Only new successes contribute to its value, while past failures fade away. He suggests that trading altcoins can be profitable but advises caution for those considering long-term holds, unless they possess substantial market knowledge, as the altcoin arena often resembles a casino where the odds favor the house.

    Currently, Bitcoin dominates the market with a share of 59.38%, its highest level in three and a half years.

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