🔷Andrew Kang, founder of Mechanism Capital, believes that over 98% of altcoins have already peaked in the current cycle. However, he suggests that some coins and tokens could reach new all-time highs by late 2024 or early 2025.
🔷Kang sees meme cryptocurrencies as having the greatest growth potential. Nonetheless, investors need to be highly selective due to the sheer number of such tokens.
🔷The altcoin market is influenced by regulatory changes and macroeconomic uncertainty. For example, the ongoing legal battle between the SEC and Ripple continues to affect XRP’s price. Despite this, the onset of a bull rally in 2024 has driven altcoin price increases, while Bitcoin’s dominance has seen only a slight decline.