Crypto Altcoins: Hope Amidst the Storm, Some Likely to Have Bottomed Out

IconCryptoNewsTerminal Staff15 Jul, 2024

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Crypto Altcoins: Hope Amidst the Storm, Some Likely to Have Bottomed Out

Crypto market analyst Jamie Coutts of Bloomberg Intelligence, recently analyzed that "an equal-weight index of the top 200 cryptocurrencies by market cap remains in a downtrend, but some altcoins are likely to have bottomed out." He added that "altcoins could chop around at these levels before a sustained rally takes hold, but many have likely begun to build a base." The number of daily active users (DAUs) in the crypto market has grown from 6 million in 2023 to 20 million currently. "While some Layer 1s and dApps will likely make new all-time highs in the second half, many altcoins without proper tokenomics and community may not," he said.

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