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After enduring significant declines since March, altcoins may present buying opportunities for investors as market conditions stabilize, according to experts.
Mid-Cap and Small-Cap Altcoins May Present Investment Opportunities Amid Recent Market Correction
After "taking it on the chin" for the past four months, the altcoin crypto market may offer "some opportunities" for investors.
According to Cointelegraph, Altcoins with market capitalizations under $10 billion may be preparing to offer "some opportunities" for investors, as they have experienced a decline in value since Bitcoin reached a new high earlier in 2024.
“Smaller cap crypto assets have been taking it on the chin since March high of this year,” RealVision chief crypto analyst Jamie Coutts wrote in a June 13 X post.
According to Cointelegraph Markets Pro, Bitcoin experienced a nearly 6% decline to $67,126 over the past week, following an all-time high of $73,679 on March 13.
“If this is a regular mid-cycle correction we are experiencing, which I believe is likely, then expect some opportunities to be had in the mid and small caps once the market settles,” Coutts added.
Top 200 Equal Weight Index Falls 30%, Highlighting Underperformance of Smaller Cryptocurrencies Compared to Market Leaders
According to Bitformance's crypto monitoring data, the top 200 equal weight index, which equalizes the weight of cryptocurrencies regardless of their market capitalization, has declined by more than 30% in the past three months in comparison to the market cap index, which weights cryptocurrencies according to their market capitalization.
The decline suggests that smaller cryptocurrencies have demonstrated inferior performance compared to more prominent cryptocurrencies that dominate the market cap index.
In the interim, Coutts observed that Bitcoin and Ether only encountered declines of 11% and 5%, respectively, over the same three-month period.
He further stated that the index's metaverse-related tokens had the lowest returns over the past three months, with a negative 44.13% return.
In the market cap category of under $1 billion, metaverse tokens According to CoinGecko, both Decentraland and the Sandbox have experienced a decline of more than 15% in the past week.
It coincides with the ongoing expansion of institutional interest in cryptocurrencies beyond Bitcoin and Ether.
Franklin Templeton disclosed on June 6 that it is investigating the development of a new cryptocurrency fund that would expose institutional investors to alternative currencies.
The asset manager did not specify the altcoins comprising the fund's portfolio; however, it recently expressed its admiration for the Solana network.
Photo: Microsoft Bing
