The disappointment over the lack of an altcoin season is palpable throughout the market. While Bitcoin renews one all-time high after another, alternative cryptocurrencies show weaker performance, with select ones like Solana reaching new highs.
Current State of Altcoins
The total market capitalization is set to increase by 98.41% in 2024, but without Bitcoin, it's only 71%. Veteran trader DonAlt suggests focusing on quality assets like XRP and Cardano instead of waiting for a broad rally.
Criticism of Meme Coins
DonAlt argues true market recovery will come when capital flows into strong, utility-driven projects rather than speculative trends. Meme coins dominate liquidity but fade into irrelevance, leaving funds with sophisticated actors.
Role of ETFs in the Future
XRP and Cardano fall into the ETF asset theory. When ETFs based on these cryptocurrencies appear, capital could flow from Bitcoin ETFs to XRP and ADA ETFs, if they exist.
While a trader's opinion doesn't define reality, the idea of focusing on strong assets over quick flips has its place.
