ALTCOINS That Could Make You Insanely Rich In 2024

Summary

This video offers insights into the altcoin market's trajectory, emphasizing the importance of strategic trading rather than holding. It discusses the total market cap, the potential for a market rebound, and the necessity of being selective with altcoin investments due to increased dilution. The speaker shares early picks for altcoins to watch, including Fetch and Singularity, while cautioning against holding onto old coins from the previous year. The video also highlights the importance of adapting to market rotations and being prepared for short-term trading opportunities.

Takeaways

• 📈 The speaker discusses the importance of rotation in the altcoin market, emphasizing the need to move between different coins rather than holding a few and hoping for gains.
• 📉 The total market cap of altcoins, excluding Bitcoin and Ethereum, is highlighted as an indicator of the general direction of the altcoin market, with the current level being significantly lower than previous highs.
• 🚀 The speaker predicts a potential short-term bullish run for certain altcoins, suggesting that the market could see significant increases over the next few months, but advises being realistic with expectations.
• 🔍 The increase in the number of new coins being launched each month in 2024 compared to 2016 is noted, which causes dilution in the market and requires careful selection of investments.
• 📊 Technical analysis is used to identify potential altcoin picks, with the speaker discussing specific charts and patterns to watch for signs of upcoming rallies or corrections.
• 💡 The speaker mentions Fetch.AI as a personal pick due to its clean trading patterns and recent fundamental news about a merger with Singularity and Ocean Protocol.
• 📉 The potential for further downside in certain altcoins like Solana is discussed, with the speaker sharing their short position based on technical analysis.
• 🚫 A warning is given against investing in larger meme coins like ENU and Doge without a clear bullish setup, as they may not see significant breakouts due to lack of volume and interest.
• 🔑 The importance of having multiple watch lists to track various altcoins and narratives is emphasized, as market focus can shift and new opportunities may arise.
• 🛑 The speaker advises caution with large cap meme coins and older coins, suggesting that they may require further correction before becoming attractive investment opportunities.
• 📝 The video script concludes with a summary that reinforces the need for active trading and staying informed about market narratives to capitalize on opportunities in the current altcoin market.

Q & A

What is the main focus of the video script?

The video script focuses on discussing the altcoin market, its current state, and the speaker's picks for potential altcoin investments over the short term.

Why is it important to rotate investments according to the speaker?

The speaker emphasizes rotation because the current cycle is about moving from one investment to another, rather than holding onto a few assets and expecting them to perform well.

What does the speaker suggest about the performance of old coins from the previous year?

The speaker suggests that people holding old coins from the previous year have not seen significant gains, implying that a more active trading strategy might be necessary.

What is the significance of the total market cap excluding Bitcoin and Ethereum mentioned in the script?

The total market cap excluding Bitcoin and Ethereum serves as an indicator of the general state of altcoins, especially smaller to medium market cap ones, which are the focus of the speaker's discussion.

What is the current market cap of altcoins according to the script?

The script mentions that the current market cap of altcoins is around 600 billion, which is a significant increase from the 300 billion in October.

What is the speaker's view on the target for the altcoin market?

The speaker believes that the minimum target for the altcoin market should be to reach the previous high of 1.1 trillion, but also advises against unrealistic targets like 20 trillion.

Why does the speaker mention the increase in the number of new coins being launched?

The speaker mentions the increase in new coins to highlight the issue of dilution in the market, which makes it necessary to be selective when choosing which altcoins to invest in.

What is the speaker's opinion on Fetch.AI (fetch)?

The speaker is positive about Fetch.AI, mentioning that they took a long position on it due to its clean trading patterns and recent fundamental news about a merger.

What is the speaker's stance on trading older coins like XRP and Chainlink (LINK)?

The speaker keeps an eye on older coins like XRP and LINK, as they may become late movers in the market, but they are more focused on newer coins for potential gains.

What advice does the speaker give regarding trading strategies in the current market?

The speaker advises to be involved in the crypto market when the next run-up occurs, to be selective with investments, and to trade based on market narratives and technical analysis.

What does the speaker suggest about the potential of Ethereum (ETH) in the market?

The speaker suggests that Ethereum has a bullish setup and could potentially break its all-time highs, but also advises to be realistic about its potential gains and not to expect too much.

What is the speaker's view on large cap meme coins like DOGE and ENU?

The speaker is cautious about large cap meme coins, suggesting that they may need more volume and a bullish setup before considering them for investment.

What is the speaker's approach to sharing information about the crypto market?

The speaker aims to help viewers become better traders by sharing insights and updates on market movements and narratives, without engaging in pump-and-dump schemes.