Following a recent marketwide dip, a prominent crypto analyst predicts that investors will seek refuge in a selection of altcoins. Altcoin Psycho, a well-known analyst with a following of 501,200 on X, suggests that funds will be rotated into crypto assets with market caps of at least $1 billion. He believes that the recent market downturn has caused investors to reconsider accumulating speculative altcoins and instead look for higher-quality options. Once the market stabilizes, he expects mid/high-cap altcoins to experience a surge in value.
Additionally, Altcoin Psycho highlights three crypto subsectors that he believes have the potential to revolutionize the digital asset industry. While he acknowledges that the majority of artificial intelligence-focused crypto projects may not live up to their potential, he believes that the remaining 1% will have a significant impact on the industry, alongside tokenized real-world assets (RWAs) and stablecoins. The analyst reiterates that artificial intelligence remains his top pick for the 2024 bull market, emphasizing his confidence in its long-term potential.
Earlier this month, Altcoin Psycho noted that AI crypto projects are still undervalued compared to the market cap of popular memecoins. While the entire AI vertical in crypto is valued at around $40 billion, Dogecoin alone has a market cap of $27 billion, and Shiba Inu stands at around $15 billion. This indicates that AI tokens are currently undervalued in the market.
As of now, the top AI coins in the crypto space collectively have a market cap of $20.57 billion, according to CoinGecko.
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