This Catalyst Could Trigger a Parabolic Rally in Total Crypto Market Cap, Says Analyst Jamie Coutts
dailyhodl.com 18 July 2024 15:58, UTC A closely followed crypto analyst says that one catalyst could cause the crypto market to take off on a parabolic rally.
Jamie Coutts, the chief crypto analyst at Real Vision, says that artificial intelligence (AI) offers massive growth potential for crypto.
“What happens when AI agents start using crypto? The exponential growth curve goes parabolic.”
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 through the use of digital assets and blockchain technology by AI agents.
Next up, Coutts says that key indicators are signaling a market bottom is forming for altcoins.
However, the analyst says some altcoins projects may never recover and others may trade around in a range for a while before soaring to new all-time highs (ATHs) later this year.
The analyst looks at the top 200 equal weight index, which tracks the performance of the top 200 cryptocurrencies by market capitalization relative to Bitcoin (BTC), the daily active user (DAU) count of smart contract platforms and the altseason indicator.
“The index is still trending down but the altseason indicator shows that the recent washout when it hit 10% (only 10% of top 200 were outperforming BTC on a 90-day look-back) was likely a relative momentum bottom. At least historically, this has been the case. Although, alts could still bounce around these levels for a while before we see a concerted take-off, many have started to build decent bases. DAUs are up 97% year-to-date. Yes, growth has slowed in the past month but we are on track to hit greater than 20 million, which is up from 6 million in 2023. Growth continues unabated…
However, sifting through shitcoins is tiring and its clear that many, due to a combination of factors – supply/unlocks, sub-optimal tokenomics, poor PMF (product-market fit ), absent community et al., will never reclaim their ATHs. Importantly, it’s evident that some of the stronger layer-1s and decentralized applications (dApps) will. Continue to monitor the growth metrics. Some will hit new ATHs in second half 2024.”
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