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This catalyst could trigger a parabolic rise in the total cryptocurrency market cap, says analyst Jamie Coutts
A widely followed crypto analyst says a catalyst could send the crypto market into a parabolic trajectory.
Jamie Coutts, Chief Cryptocurrency Analyst at Real Vision, said that artificial intelligence (AI) offers huge growth potential for crypto.
“What happens when AI agents start using cryptography? The exponential growth curve becomes parabolic.”
Source: Jamie Coutts/X
Looking at his chart, the analyst suggests that by 2030, the combined market value of smart contract platforms could reach between $15 trillion and $25 trillion thanks to the use of digital assets and blockchain technology by AI agents.
Then, Coutts said that key indicators are signaling that a market bottom is forming for altcoins.
However, the analyst says some altcoin projects may never recover and others may range-bound for a while before soaring to new all-time highs (ATHs) later this year.
The analyst looks at the Top 200 Cryptocurrencies Equal Weight Index, which tracks the performance of the top 200 cryptocurrencies by market capitalization relative to Bitcoin (Bitcoin), the number of daily active users (DAU) of smart contract platforms and the altseason indicator.
“The index is still down, but the altseason indicator shows that the recent collapse when it hit 10% (only 10% of the top 200 have outperformed BTC over a 90-day period) was likely a relative momentum bottom. At least historically, that has been the case. While alts can still bounce around these levels for a while before we see a concerted liftoff, many have started to build decent bases. DAUs are up 97% YTD. Yes, growth has slowed over the last month, but we are on track to hit over 20 million, which is up from 6 million in 2023. Growth continues unabated…
However, sifting through shitcoins is tiring and it is clear that many of them, due to a combination of factors – suboptimal supply/unlocks, tokenomics, poor PMF (product-market fit), absent community and others, will never reclaim their ATHs. It is important to note that it is obvious that some of the most powerful decentralized applications (dApps) will get there. Keep monitoring the growth indicators. Some will reach new ATHs in the second half of 2024.
Source: Jamie Coutts/X Don’t miss a thing – Subscribe to receive email alerts directly to your inbox
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