98 of Altcoins Have Reached Their Peak Meme Coins Could Become Future Winners Andrew Kang

Coin World News Report:
Andrew Kang, founder of Mechanism Capital, predicts that over 98% of altcoins have reached their peak in the current cycle.
He points out that only a few coins may set new highs between the end of 2024 and the beginning of 2025, while meme coins may constitute a large portion of the coins that have the potential to set new highs.
Altcoin and Meme Coin Predictions
Kang’s recent remarks are based on a statement he made about a week ago, in which he observed that Bitcoin has brought the cryptocurrency market to a turning point. According to him, this happened after a long period of entrenched trading behavior and consistent returns.
“The most common mistake you see in the cryptocurrency market is buying too early when the trend is shifting from up to down. The correction following a major market structure break is always deeper and longer than most people anticipate. When a few people see a 10% drop from the BTC high, you don’t buy. Some do https://t.co/8vLwKXBa4G – Andrew Kang (@Rewkang) July 7, 2024
In a post on July 7th, Kang emphasized a common mistake in the cryptocurrency market: buying too early when the trend shifts from an uptrend to a downtrend. He stressed that the adjustment following a major market structure break is often deeper and longer than expected.
“When a few people see a 10% drop from the BTC high, you don’t buy.” “After all, some people need to sell to make the price drop. When everyone is liquidated, you buy for the next cycle, people leave this space, and most people question whether cryptocurrencies have permanently disappeared.”
A user named X responded to Kang’s observation, interpreting his comments as the current cycle being over and no point in buying in the short term. Kang responded by saying, “I believe over 98% of altcoins have peaked in this cycle, except for a few coins that may set new highs in the fourth quarter of 2024/first quarter of 2025.”
When asked about how meme coins fit into his viewpoint, the analyst said, “Meme coins may constitute the majority of coins that have the opportunity to set new highs. There are hundreds of thousands of meme coins, so you need to be very selective.”
Future Prospects
The cryptocurrency industry is closely watching the U.S. Securities and Exchange Commission’s (SEC) decision on launching Ethereum ETF spot trading. Analysts and market observers are optimistic that the SEC’s decision, expected within the next two weeks, could trigger a new round of rebound for Ethereum.
Kang also stated that Bitcoin is transitioning to a “super cyclical asset,” exhibiting characteristics of previous cycles while becoming more like a mature macro asset.