Altcoins
98% of Altcoins Have Peaked, Meme Coins Could Be Future High Performers: Andrew Kang
Andrew Kang, founder of Mechanism Capital, predicted that over 98% of altcoins have already peaked in the current cycle.
He noted that only a select few coins could reach new highs in late 2024 or early 2025, while meme coins will likely make up the majority of coins with the potential to reach new highs.
Altcoin and Meme Coin Forecast
Kang’s recent comments build on a statement he made about a week ago, in which he noted that Bitcoin had brought the cryptocurrency market to a tipping point. According to him, this happens after prolonged periods of trading behavior becoming entrenched and consistently rewarded.
In his July 7 post X, Kang highlighted a common mistake in cryptocurrency markets: buying too early when the trend is changing from up to down. He noted that corrections that follow significant breakdowns in market structure tend to be deeper and longer than expected.
“You don’t buy when some people are 10% bearish on BTC highs,” Kang said. “After all, some people need to sell for the price to go down. You buy for the next cycle, when everyone is liquidated, people are leaving the space, and the majority are wondering if crypto is dead forever.”
One X User he answered to Kang’s remarks, interpreting his comments as a suggestion that the current cycle is over and there is no reason to buy any time soon. Kang he answered“I believe over 98% of altcoins have peaked in their cycles, except for perhaps a handful of coins that could hit new highs in Q4 2024/Q1 2025.”
Responding to a question about how meme coins fit into his outlook, the analyst said, “Memes are probably the majority of coins that have a chance of reaching new highs. There are hundreds of thousands of meme coins out there, so you have to be very selective.”
Future perspectives
The cryptocurrency industry is closely watching the U.S. Securities and Exchange Commission (SEC) for a decision on the launch of Ethereum ETF spot trading. Analysts and market observers are optimistic that the SEC’s decision, expected within the next two weeks, could spark a new rally for ETH.
Kang further argues that Bitcoin is becoming a “supercyclical asset,” exhibiting characteristics of previous cycles and increasingly behaving like a mature macro asset.