Altcoin Bloodbath: Amid Drastic Altcoin Drops, Analyst Says This Coin Has Outperformed Ethereum
Anjali Belgaumkar15 Jun 20242 min read
The sentiment around altcoins remains cautious and despite Bitcoin nearing all-time highs and the resurgence of meme coins, retail interest in altcoins has been subdued. Data shows that crypto YouTube views have drastically decreased compared to the previous bull run, indicating less retail engagement.
The current cycle has been heavily driven by the Bitcoin ETF narrative, while broader market catalysts for altcoins have been lacking. Specific sectors like meme coins, AI, and RWAs (Real World Assets) have outperformed, but major altcoins have lagged.
Amid these looming concerns about altcoins, analyst Altcoin Buzz took to his latest video and said that TON, or The Open Network, associated with the popular messaging app Telegram, has been gaining traction in the market. TON’s daily active addresses have surpassed those of Ethereum, driven by the massive user base of Telegram, which boasts 900 million users.
According to on-chain data from, TON has consistently outperformed Ethereum in terms of daily active addresses since early June. On June 3rd, TON’s daily unique addresses peaked at 568,830, significantly higher than Ethereum’s 351,000. Moreover, on May 17th, TON’s daily transaction count hit a year-to-date high of 9 million, compared to Ethereum’s 1.1 million on the same day.
On the flip side, analyst Miles Deutscher finds the Real World Assets (RWA) sector compelling, with plans to accumulate ETH and other altcoins. He recommends a medium to long-term perspective (6-12 months or more) for weathering market volatility and using low volatility periods to accumulate strong altcoins.
Specifically, he targets Mantra and its current level around $0.85, with a range high at $0.75, as well as the Deepin sector, which shows high potential due to innovative projects and ties to AI narratives. Meme coins are also part of his strategy, despite experiencing dips. Key coins like Pepe and Whiff, with support at $0.11 and $2.26 respectively, are targets for accumulation, with expectations of higher valuations during the cycle.
Also Read : Veteran Crypto Trader Predicts Bitcoin’s Market Cap to Equal Global Gold Reserves
