Despite Bitcoin approaching historic highs and a resurgence in meme coins, interest in altcoins remains tepid, as evidenced by a sharp decline in viewership on cryptocurrency YouTube channels since the last bull run. Nonetheless, certain altcoins are garnering notable attention.
Why is TON Outperforming Ethereum?
The current market is predominantly influenced by the spot Bitcoin ETF narrative, leaving altcoins without a clear catalyst. Specific sectors, including memecoins, artificial intelligence (AI), and Real World Assets (RWA), have shown stronger performance compared to major altcoins. This selective interest underscores the prevailing cautious sentiment toward altcoins.
In light of this, cryptocurrency analyst Altcoin Buzz highlights The Open Network (TON) as a standout performer. Linked to the widely used messaging app Telegram with its 900 million users, TON has outpaced Ethereum in daily active addresses since June. On June 3, TON saw 568,830 unique wallet addresses, far exceeding Ethereum’s 351,000. Similarly, TON’s daily transactions peaked at 9 million on May 17, dwarfing Ethereum’s 1.1 million.
Which Altcoins and Sectors Have High Potential?
Analyst Miles Deutscher identifies the RWA sector as particularly appealing and advises accumulating ETH and other altcoins with a medium to long-term outlook of 6-12 months or longer. He stresses the importance of capitalizing on low volatility periods to position oneself in robust altcoins, thereby mitigating market fluctuations.
Deutscher sees promise in Mantra, currently priced between $0.75 and $0.85, and the DePIN sector, which is closely linked to AI narratives and cutting-edge projects. Despite recent declines, he also includes meme coins like Pepe and WIF in his strategy, pinpointing key support levels at $0.11 for PEPE and $2.26 for WIF, anticipating these altcoins will appreciate during the market cycle.
User-Usable Inferences
– TON’s daily active addresses and transactions are significantly higher than Ethereum’s.
– Accumulating ETH and other altcoins during low volatility periods may offer long-term benefits.
– Mantra and DePIN sectors show strong potential for growth.
– Meme coins like PEPE and WIF have identified support levels and are expected to rise.
In conclusion, while Bitcoin and certain altcoin sectors show promise, the overall sentiment towards altcoins remains cautious. Strategic positioning during low volatility periods and identifying high-potential sectors can be key to navigating the market successfully.