In the midst of the current consolidation phase on the crypto market, a crypto expert is causing a stir with his optimistic forecast. He expects a strong rally for altcoins in the coming months. But what leads him to such a forecast?
Analyst Mikybull sees parallels to the market situation in 2020 and now expects an altcoin rally soon
Altcoins and Bitcoin have been in a consolidation phase for some time now, during which they have not managed to reach new highs. Instead, prices tend to go down rather than continue to rise. Against this background, the latest assessment by crypto analyst Mikybull comes as a surprise. On the X platform, he recently made very positive comments about the future performance of altcoins in the coming months.
The longer the consolidation lasts, the more severe the uptrend will be.
It follows the 2020 draft, the only exception being the duration of the reaccumulation phase. pic.twitter.com/32Q6GhtIqk
— Mikybull
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Photo: Clickout Media
Crypto (@MikybullCrypto) 30 August 2024
In his latest post, Mikybull compares the current market development in the crypto sector, which is characterized by consolidation and slightly falling prices, with a similar phase that occurred after an initial expansion of the crypto market in the first quarter of this year. He draws parallels to the events at the beginning of 2020. Back then, similar to this year, there was a Bitcoin halving, which historically has always been followed by major market rallies. The market phase between the end of 2019 and the beginning of 2020 was also characterized by the start of the Corona pandemic, which initially shook the markets. However, this was followed by a massive expansion of the crypto market, which catapulted both Bitcoin and the altcoin market to a new all-time high.
The upward movement was eventually replaced by a strong bear market turmoil. Now we are once again in a growth phase of the crypto market, similar to the one during the halvings in 2020. As was the case then, a consolidation phase followed today, but it lasted a little longer than then.
Looking at the current positive market factors, such as the launch of Bitcoin spot ETFs, Donald Trump’s political support for cryptocurrencies in the US election campaign, and the prospect of interest rate easing in the US, Mikybull’s prediction may actually come true. There is a possibility that another phase of the current bull market is coming, which could catapult the crypto market to even higher levels than the last bull market.
This is the current state of the altcoin market
Currently, there are hardly any signs of the start of another expansive market phase. In fact, many altcoins experienced impressive rallies at the beginning of this year, but are now well below their respective annual highs. A good example of this is the top altcoin Solana, which experienced a massive price increase in 2023. From a value of $20 in September 2023, Solana climbed to an annual high of over $200 by mid-March 2024. Since then, however, SOL has already fallen significantly again and is currently trading at just $136.
A similar picture can be seen with the largest of all altcoins, Ethereum. ETH was able to increase its value from around $1,700 at the beginning of the year to over $4,000 at one point, but has also fallen back to just $2,500. Similar developments can also be observed with smaller altcoins such as Avalanche. AVAX is currently ranked twelfth among the largest cryptocurrencies by market capitalization, with a current market capitalization of $9.2 billion. The coin experienced a rally at the beginning of the year, rising from under $10 to over $60 at one point, but has now fallen back to just over $20, quickly losing 60% of its value.
Photo: Clickout Media
The devaluation in recent months has been particularly low in the area of AI coins, which were still considered one of the largest growth markets at the beginning of the year. The market capitalization of this sector was still around $6 billion at the beginning of 2024, rising to an all-time high of well over $40 billion by the end of March. Since then, however, more than $12 billion has already been withdrawn from this market, so that the AI coin sector is currently only worth $27.3 billion. The development is also reflected in the individual AI coins. For example, NEAR has fallen in value by over 20% within the last 30 days, and TAO also recorded a decline of 17.8% in the last week alone.
The devaluation is almost even less in the area of meme coins, which also reached a high of over $60 billion in market capitalization this year, but are now only worth around $38 billion in total. Here, too, there have been losses of over 10% for DOGE and even over 15% for PEPE and 20% for WIF within the last week alone. However, the developments could currently also be seen as good entry points into the altcoin sector, especially if one assumes an impending altcoin rally later in the year.
However, many investors are increasingly turning to younger and smaller altcoins that are not yet so well established. An example of such an up-and-coming altcoin is DAWGZ, which is currently attracting increasing interest from investors.
DAWGZ could also benefit massively from such a rally
Base Dawgz is an up-and-coming meme coin project that is based on the new and currently very popular Base blockchain and whose native coin is called DAWGZ. The project has already aroused great interest among investors before its first stock exchange listing, which was clearly evident in the pre-sale phase. Within a few days, over half a million dollars in investments were collected and so far well over $3 million in funding has been raised.
A key reason for the high interest is the versatility of Base Dawgz. Although the project is based on the Base blockchain, it follows a multi-chain approach that ensures that the DAWGZ coin will be available not only on the Base blockchain, but also on the Ethereum, Binance, Avalanche and Solana blockchains. The wide availability makes the coin accessible to a variety of investors from different crypto communities, which significantly increases interest in Base Dawgz.
The $DAWGZ Pre-sale is over!
You can still purchase the token at the list price if you wish. More information coming soon.
DEX launch date: September 4, 2024, 5pm CET
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Photo: Clickout Media
pic.twitter.com/B9gFx6Yju6— Base Dawgz (@BaseDawgz) 28 August 2024
Another important feature of the project is the planned “Share-to-Earn” system, which is intended to further expand the reach of Base Dawgz. Investors will be rewarded for sharing social media content through Base Dawgz. To participate, users must link their X-Account to the official Base Dawgz website and can then earn points by creating and sharing memes and other content. These points will be converted into real DAWGZ coins after the end of the pre-sale and transferred to users’ wallets.
In addition to these attractive opportunities, Base Dawgz also has a staking feature that allows long-term investors to earn additional returns. Staking allows investors to use their DAWGZ coins to continuously receive rewards in the form of DAWGZ over a certain period of time, which further increases the attractiveness of the project.
Although the pre-sale is now over, investors still have the opportunity to purchase the coin through the official website at the listing price of just $0.008582 before the listing, which takes place in a few days.
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