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Since last week, the cryptocurrency market has experienced significant sell-offs, leading a prominent crypto analyst to suggest that market participants could turn to a variety of altcoins for refuge. Known as Altcoin Psycho on the social media platform X, the analyst with a substantial following proposed that funds could shift towards altcoins with a market value of at least $1 billion, particularly highlighting one branch of altcoins.
AI Altcoins on the Radar
Altcoin Psycho stated that amidst recent market turmoil, investor sentiment has shifted from speculative altcoins to those offering more stability. The analyst emphasized that market corrections could lead to a flight towards quality altcoins, especially those with medium to high market values.
Identifying three altcoin branches poised to potentially reshape the crypto market, Altcoin Psycho underscored the importance of AI-focused altcoin projects. While acknowledging that many of these projects could be considered speculative assets, the analyst highlighted the transformative potential of the top 1% of these projects, alongside real-world asset tokens (RWAs) and stablecoins.
Total Market Value Just Around $40 Billion
Reaffirming his belief in artificial intelligence technology as the best investment for the 2024 bull market, Altcoin Psycho offered a contrarian view that further strengthens the bullish outlook. The analyst pointed out that compared to leading memecoins like Dogecoin (DOGE) and Shiba Inu (SHIB), which have a combined market value of approximately $36 billion, the market value of AI altcoins remains significantly lower.
The analyst estimates that the current total market value of the AI altcoins he mentioned is around $40 billion. However, according to data from the crypto data and price platform CoinGecko, the total market value of the top AI altcoins in the crypto market is at $20.57 billion.
As investors navigate the evolving environment of the crypto market, views from analysts like Altcoin Psycho suggest that certain branches of altcoins, particularly AI altcoins, could make strong moves in light of the emerging AI trend.