A prominent crypto analyst predicts that top alternative coin (altcoin) projects could soon experience a significant increase in prices based on a key metric. Jamie Coutts, the chief crypto analyst at Real Vision, suggests that “high quality” altcoins may be nearing a market bottom based on the ratio between the top 200 equal weight index and market capitalization. The top 200 equal weight index tracks the performance of the top 200 cryptocurrencies by market cap in relation to Bitcoin (BTC). Coutts believes that, based on historical patterns, some altcoins may soon complete their correction and reverse their downward trend. However, he notes that an “altseason” is not possible until there is a reversal in the ratio chart trend. Coutts predicts that small-cap altcoins will continue to struggle until BTC surpasses its all-time high, which he believes is likely to happen this year. Additionally, Coutts suggests that the broader altcoin market may not start to recover until late 2024 or early 2025, based on the number of underperforming altcoins compared to BTC. He expects a gradual bottoming process before a recovery, similar to the pattern observed in 2020. Please note that the opinions expressed in this article are not investment advice, and investors should conduct their own research before making any high-risk investments in cryptocurrencies.
