A closely watched crypto analyst says one catalyst could send the crypto market into a parabolic rally.
Jamie Coutts, the lead crypto analyst at Real Vision, say that artificial intelligence (AI) offers enormous growth potential for crypto.
“What happens when AI agents start using crypto? The exponential growth curve is parabolic.”
Looking at his chart, the analyst suggests that the combined market value of smart contract platforms could reach between $15 trillion and $25 trillion by 2030 due to the use of digital assets and blockchain technology by AI agents.
Next up, Coutts say that key indicators indicate that a market bottom is developing for altcoins.
However, the analyst says that some altcoins projects may never recover and others will hover around a certain range for a while before surging to new all-time highs (ATHs) later this year.
The analyst looks at the top 200 equalweight index, which tracks the performance of the top 200 cryptocurrencies based on market capitalization against Bitcoin (BTC), the number of daily active users (DAU) of smart contract platforms and the altseason indicator.
“The index is still trending down, but the altseason indicator shows that the recent drop when it hit 10% (only 10% of the top 200 outperformed BTC on a 90-day look back) was likely a relative momentum bottom . At least historically this has been the case. While alts may still be bouncing around these levels for a while before we see a collective takeoff, many have started building decent bases. DAUs are up 97% this year. Yes, growth has slowed over the past month, but we are on track to reach over 20 million, up from 6 million in 2023. Growth continues unabated…
However, sifting through shitcoins is exhausting and it is clear that due to a combination of factors – supply/unlocks, sub-optimal tokenomics, poor PMF (product-market fit), missing community et al., many will never reclaim their ATHs. Importantly, it is clear that some of the stronger Layer-1s and decentralized applications (dApps) will do so as well. Continue to monitor the growth rates. Some will reach new ATHs in the second half of 2024.”
Don’t miss a beat – Subscribe to receive email alerts straight to your inbox
Check price action
follow us on X, Facebook And Telegram
Surf to the Daily Hodl mix
Generated image: DALLE3