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

Coinworld.com reports:
Founder of Mechanism Capital, Andrew Kang, predicts that over 98% of altcoins have reached their peak in the current cycle.
He points out that only a few coins may hit new highs in late 2024 to early 2025, while meme coins may constitute the majority of coins with the potential to reach new highs.
Altcoin and Meme Coin Predictions
Kang’s recent remarks build upon a statement he made about a week ago, in which he observed that Bitcoin had brought the cryptocurrency market to a turning point. According to him, this occurred after long-term trading behavior had become ingrained and consistently profitable.
One of the most common mistakes seen in the cryptocurrency market is buying too early when the trend is shifting downward. The corrections in market structure after major breakouts are often deeper and longer than most people expect. You don’t buy when a few people see a 10% drop from the BTC peak. Some 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 adjustments after significant breakthroughs in market structure are often deeper and longer than expected.
Kang stated, “You don’t buy when a few people see a 10% drop from the BTC peak. After all, some people need to sell in order for the price to drop. When everyone has been liquidated, that’s when you buy for the next cycle, when people have left this space and most people question whether cryptocurrencies have permanently died.”
One user on X responded to Kang’s observation, interpreting his comments as indicating that the current cycle has already ended and there is no point in buying in the short term. Kang responded by saying, “I believe that over 98% of altcoins have peaked in this cycle, except for a few coins that may hit new highs in the fourth quarter of 2024 or the first quarter of 2025.”
When asked about how meme coins fit into his views, the analyst said, “Meme coins may constitute the majority of coins with the potential to reach new highs. There are hundreds of thousands of meme coins out there, 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 an Ethereum ETF spot trading. Analysts and market observers are optimistic that the SEC’s decision, expected within the next two weeks, may trigger a new rebound for ETH.
Kang also stated that Bitcoin is transitioning into a “super-cyclical asset,” exhibiting characteristics of the previous cycles while becoming more like a mature macro asset.