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.

Outlines

00:00

📈 Altcoin Market Analysis and Trading Strategy

The speaker discusses the current state of the altcoin market, emphasizing the importance of rotation in trading strategies due to the fast-paced nature of the cycle. They highlight the need to move between different assets rather than holding onto a few. The speaker also mentions that the total market cap of altcoins, excluding Bitcoin and Ethereum, has not yet reached its April lows but has significantly increased from October's 300 billion to around 600 billion at the highs. They suggest that a realistic target for the market cap is to reach or exceed the previous high of 1.1 trillion. The speaker warns about the dilution caused by the high number of new coins being launched, advising viewers to be selective in their choices. They also provide an analysis of the altcoin market's potential, suggesting a wave pattern that could lead to a final push-up in the market.

05:00

🤑 Altcoin Selection and Market Volatility

The speaker provides a detailed analysis of specific altcoins, including Fetch, Singularity, and Ocean Protocol, discussing their potential for a bounce back or further decline. They mention Fetch's recent drop and subsequent fundamental news about a merger that could influence its price. The speaker also talks about the volatility of the market, suggesting that traders should be prepared for both long and short positions. They caution against holding onto weak altcoins and advise being patient and selective, especially with coins like Avax and Enu that have shown weak performance. The speaker emphasizes the importance of watching for breakouts and being ready to act on new market narratives.

10:02

📊 Market Corrections and Potential Bull Runs

The speaker continues the discussion on market corrections and the potential for a bull run, focusing on altcoins that have shown signs of completing their corrections and being ready for an upward move. They mention older coins like XRP and Chainlink, which could potentially be late movers in the market. The speaker also warns against being overly optimistic about large cap meme coins, suggesting that they may require more volume and positive news to break out. They stress the importance of risk management, advising traders to consider the potential for deeper retracements and to be cautious about entering trades without a clear bullish setup.

15:02

🔍 Keeping an Eye on Market Narratives and Rotations

In the final paragraph, the speaker advises viewers to maintain a diverse watch list and to stay alert to changing market narratives and rotations. They mention that what was popular in the past may not be the focus in the future, and new narratives could emerge that require traders to adjust their strategies. The speaker encourages viewers to watch for early signs of movement in the market and to be ready to pivot their trading focus accordingly. They also share their commitment to updating their audience on new market trends and opportunities, emphasizing the importance of being an active and informed trader in the current market environment.

Keywords

💡Altcoins

Altcoins are cryptocurrencies other than Bitcoin. They represent a diverse range of digital assets with various purposes and features. In the video, the speaker discusses the general market direction of altcoins and shares picks for potential short-term gains, indicating the importance of altcoins in the current cryptocurrency landscape.

💡Market Cap

Market capitalization is the total value of a cryptocurrency or a group of cryptocurrencies. It is calculated by multiplying the current price of the coin by the total number of coins in circulation. The video script mentions 'total market cap, excluding Bitcoin and Ethereum,' which serves as an indicator of the altcoin market's overall health and is crucial for understanding the current state of the altcoin market.

💡Rotation

In the context of trading and investing, rotation refers to the strategy of moving investments from one asset to another to capitalize on different market trends or cycles. The speaker emphasizes the importance of rotation in the current crypto cycle, suggesting that holding a static portfolio may not be as effective as actively trading between different assets.

💡Short Squeeze

A short squeeze occurs when a heavily shorted asset experiences a rapid increase in price, forcing short sellers to close their positions by buying back the asset, which in turn drives the price even higher. The script mentions a 'very very strong short squeeze' for Fetch.AI, indicating the speaker's anticipation of a significant price increase due to this market phenomenon.

💡Fundamental News

Fundamental news refers to information about a company or asset that could affect its value, such as financial results, partnerships, or technological advancements. In the script, the speaker cites 'fundamental news' about Fetch.AI joining Singularity and Ocean Protocol as a potential catalyst for a price rally.

💡Dilution

In the context of cryptocurrencies, dilution refers to the decrease in value of a coin due to an increase in its total supply. The speaker mentions that the influx of new coins being launched causes dilution in the market, making it more challenging for investors to pick winning assets.

💡Mean Reversion

Mean reversion is a theory in finance that suggests that asset prices will tend to revert to their long-term average or 'mean' over time. The speaker uses the term 'mean reversion' to describe a potential price recovery for certain altcoins, suggesting that they may rebound to their historical averages after a decline.

💡Meme Coins

Meme coins are cryptocurrencies that are created as a joke or for fun, often based on internet memes or trends. They can sometimes gain significant value due to social media hype. The script discusses 'larger meme coins' and their potential for future performance, indicating that while some may be 'dead,' others could still experience significant price movements.

💡Layer 2

Layer 2 refers to solutions built on top of a blockchain to improve its scalability and efficiency. The speaker mentions 'layer 2' in the context of Ethereum, suggesting that improvements in layer 2 technologies could benefit certain cryptocurrencies and contribute to their potential price increases.

💡Watch List

A watch list in trading is a curated list of assets that an investor or trader is monitoring for potential investment opportunities. The speaker advises having multiple watch lists to stay informed about market rotations and emerging narratives, which is essential for identifying the next set of altcoins that could move.

Highlights

The video discusses the general direction of altcoin market and strategies for trading altcoins in the upcoming months.

Emphasizes the importance of rotation in the altcoin cycle, suggesting that holding a few coins will not suffice.

Analyzes the total market cap of altcoins excluding Bitcoin and Ethereum as an indicator of the current market state.

Notes that the market cap has not breached the April lows, indicating a potential recovery or stabilization.

Projects a target for the altcoin market to reach previous highs and possibly double from the current position.

Warns of the dilution effect due to the influx of new coins, advising to be selective with altcoin picks.

Shares a personal strategy of being involved in the crypto market during its peak periods for potential gains.

Introduces Fetch as a preferred altcoin for trading due to its clean trading patterns and recent fundamental news.

Discusses the potential of Fetch due to its upcoming merger with Singularity and Ocean protocol.

Advises caution with certain altcoins like Salana, which may have more downside potential.

Mentions the importance of watching for breakouts in older coins like XRP and Chainlink despite their current state.

Recommends avoiding large cap meme coins like ENU and Doge until there is a clear bullish setup.

Suggests that Ethereum has a bullish setup but expresses personal preference for faster and cheaper blockchains.

Advises traders to focus on altcoins with higher potential returns compared to the more established ones.

Stresses the importance of having multiple watch lists to adapt to market rotation and new narratives.

Encourages traders to stay updated on market movements and narratives to make informed trading decisions.

Transcripts

in this video we have a look at altcoins

the General altcoin market which

direction we could be going in in the

coming days and I share with you some of

my early best picks for altcoins again

short term over the next couple of

months because the thing about this

cycle is it's all about rotation you

need to be moving from one thing to

another and another you can't just hold

um five 10 kind of gems and think you're

going to make it the cycle in my opinion

you have to be willing to trade a little

bit in and out of positions the people

who are holding uh old coins from last

year didn't get anywhere with it so if

so far you've not been doing very well

in crypto or it's been a really bad few

weeks for you which is understandable

given the altcoin market then listen up

because this video will really help so

so this first chart is total market cap

excluding Bitcoin and eth it's kind of

an indicator it gives you a good idea of

where we are with altcoins in general

especially the smaller medium to Market

Market cup ones that we are going to be

trading that's you and me when we're

doing our normal reasonable positions in

altcoins and you can see here that the

13th of April lows have not been

breached yet uh they're nearly breached

but they haven't been breached so we're

all the way back here and this was the

same level it was in February but still

a good bit higher than where we started

from October where the market cap total

was 300 billion we're now sitting at

around 600 billion at the highs we were

778 but if you zoom out here let's go to

a two- daily chart you can see we're

miles under where we were before which

was 1.1 trillion so you would assume

that minimum that's the target we need

to get to ideally we would want to push

way through and people have crazy

targets of 20 trillion and stuff like

that I think it's just Madness you have

to be really re you have to be realistic

with this every single month in 2024

we're getting nearly a million new coins

launched in 2016 there were only 600 odd

uh altcoins cryptocurrencies in the

entire coin market cap um list basically

so way way more coins so this causes

dilution and because of dilution you

have to be very picky now uh with what

you go for you can't just pick

everything and then most things just go

up and you get lucky that way is not

going to work and you probably realize

that so far yourselves so this is our

Target realistically we just want to aim

for this high and maybe 2x it from there

but if you're being very very picky your

old coins could do a five or 10x whilst

everything else just does nothing or

very very little and I've shared that

before many times in my videos so I hope

I hope it's very very clear that's

that's basically what we're looking for

here what I think's happened so far is

we've had a wave one two we've done a

three this is the wave four which can be

time consuming and then we've got that

one final crazy push-up I'm hoping it's

even more than that but let's be

realistic here and these push-ups they

don't last long so uh from October the

whole run we're only talking a few

months and more recently the run from

February to March was a month so we

might only have two or 3 months left

when this gets going again which might

be now hopefully there'll be more like

four or five but realistically 2 or 3

months of uh crazy run-ups and you need

to be fully involved in the crypto

Market when that happens which is again

why we're discussing it in this

particular video so now we're going to

zoom out and we're going to have a look

at a few smaller altcoins especially

ones that I really like in terms of a

bounce one that I took a long position

on earlier today was fetch now I love

fetch I talk about it a lot on this

channel it's just because it trades so

nice and clean um so I took loads and

loads of short positions on this and I

switch to long because we're going to

get a very very strong short sque this

literally went down in a straight line

after I mentioned the Tweet here and

video results 2.6 all the way down to

crazy all the way down to 1.1 so I

actually dropped something like 50 60% I

definitely didn't show all that way I

was in and out of shorts um because I

was expecting there to be some

correction and some bounce up and some

relief rally it never happened it just

kept dumping um crazy but now we've had

a little bit of fundamental news as well

fed as you may or may not already know

is joining Singularity and ocean

protocol and they're going to combine

into one big AI allcoin which will be

obviously very interesting and I'll do

videos about it upcoming but what's

going to happen to the um price in the

meantime well they were going to do the

merger earlier they put it off to Mid

July so before then we might see a

little bit of a basic rally back call it

mean reversion whatever you want we

might see a little bit of a rally a

relief rally so that's why I'm banking

on here whether it's going to go up

alltime highs and Beyond but we can't

save because it's going to become

another uh coin fetch really reminds me

of Tesla back in the day uh many many

years ago because it was such a good one

to day trade uh and fetch is looking

that way as well so definitely one of my

picks again we're talking very short

term over the next 2 3 weeks that's this

is one I'm watching very closely um then

obviously you've got Singularity and

things like that so they're all pumping

as well so everything's up kind of 20%

from that side of things and but you can

kind of ignore ignore them because

that's a separate narrative now this is

an interesting Market at the moment

because you can still be long and you

can still be short because there's still

some very weak altcoins one I'm short on

at the moment for example is salana

which I still think could have a little

bit more downside it looked like we did

a three-wave move up again no guarantees

don't know anything for 100% sure um

this could obviously be a much bigger

correction as well but my early feeling

is it could be now unless everything

pumps if everything pumps over the next

2 three days this will probably get

dragged up as well but if everything

stays kind of sideways I still think

salana has a little bit more downside

but let's see what happens with that one

easy way to trade these is anything

you're not sure about like I mentioned

in previous videos like Soul just stay

out of just stay in usdt usdc and just

wait and be patient just be very very

careful with these types of all coins

avax is one I've lost kind of favor with

um after we got this dump this very very

weak kind of Correction up when I mean

lost favor with I mean as one of my bets

for that final leg up it's just looking

just generally weak and the uh

blockchain generally nobody really use

it I mean I very very rarely use avac if

I'm honest I was trading meme coins

which you saw in the Channel a few

months ago when they were popular on

avac they haven't been since and a lot

of the meme coins on there are

completely dead as well so fundamentally

there's no reason for this to go crazy

and parabolic and if you actually have a

look on a daily chart and we let me just

remove some of these drawings here we

are miles below alltime highs if you

really want to be challenging and you're

in your final leg you should have

already gotten to here somewhere you

know kind of like eth or you could argue

salana some may argue not but you should

be around here somewhere we're not so

this is basically off my list I'm

looking at it just in terms of some

short Trad setups long or short but it's

not going to be one of my picks so it's

one that I'm actually putting by the

wayside now things can change we have to

keep an eye on these now we've got the

older coins as well which I always keep

an eye on the only reason for that is

they generally never ever ever do

anything but then sometimes in the last

leg xrp is usually a late mover and I'm

talking all the way back 200 17 um and

the previous cycle as well where it

didn't do too well but it can be a late

mover so sometimes you can get breakouts

so all of these I still have on my watch

list and xrp is another one I have on my

watch list because you could argue from

these lows here we saw in May 2022 we

may have done uh kind of like an

expanded uh diagonal beginning one and

two you could argue it's not a great

argument we argue and remember there's a

lot of fundamental news around xrp there

all kind of cour cases stuff like that

so you never know if we get a little

breakout of 10 or 15% I'm interested cuz

this could um break out and then you

could call this accumulation again I

don't like it I think it's more than

likely a deadcoin but I'm openminded I'm

a Trader I don't really care I trade the

chart if we see a breakout then I'm

interested so this is one of the older

ones I'm watching the same is for link

chain link again one of the older ones

that may have actually already done a

five-wave move here um from the lows we

saw on 70th April which is still above

but again it's getting less and less

likely because look how far we've

corrected it's still possible there's an

outside chance we did a five and this is

a very deep wave too if it holds above

so if it starts turning bullish here I

would be quite heavy into this because

the the only reason being then that Mark

the low and from these lows you can see

it very likely did a five wave move up

so that's a one two larger one two and

then a smaller one two which means the

very impulsive wave Three is coming or

it just breaks below those lows resets

and then it can go so link is definitely

one I'm watching out of the older ones

but like I said most of them I don't

like and even link you can see it's

miles below here is just very very nice

uh structure in terms of setup and again

you might get some fundamental news you

may not some will pump a little bit and

just 2x from where those highs were and

then fail get nowhere near alltime highs

still an Kish trade but you want to be

careful with that just a quick word on

larger meme coins again I've warned you

about this in my recent videos but some

of this is a reminder and some of this

is just a new analysis on what we've

seen recently in terms of price action

this is enu something I discussed a

lot again many months ago on my channel

completely dead now and I don't see any

reason why this will suddenly break out

because this is on avax avac not very

popular at the moment nobody trades in

there don't see any reason why this is

suddenly going to get more volume but

again keep an eye on the larger capat PS

if volume comes into any of them then

you're interested if you see a breakout

but at the moment not interested in this

one not interested in Doge either until

we get some sort of bullish setup it's

possible we did an initial five wve move

there absolutely possible so this could

be a larger uh two but the problem with

doge is we're actually moving off these

lows we saw in June so of these lows

there's too much overlap so very good

chance this is all actually

correction that's the problem if this is

all correction we have to go and break

these lows again and reset which is a

long way away now you could argue that

it might be one to short um the topic

for another video but generally it's not

one you'd want to be bullish on for that

reason because it all looks corrective

going up so don't just look at the move

from October that's my point look and

see if it had a prior low some had the

lows in in 2022 so keep an eye on that

wh is a tricky one because I much prefer

the newer coins whether it's newer meme

coins newer old coins massive preference

for those and clearly we've done a full

swing here all the way up to very round

number five billion everything's perfect

there how deep can the correction go

because we're so parabolic on the way up

same as fetchall for example we can be

kind of parabolic on the way down so

with these you have to be very very uh

careful this can go a lot deeper in

terms of retracement it can easily go

into the 1.3 1.5 area now then if we get

another push-up with mem coins and

massive liquidity volume coming in this

will be one of the flagship ones so if

all of meme coins are going up this

definitely is going to outperform Pepe

to be honest I'm neutral on and I'm not

particularly trading I'm just keeping an

eye on it because again it may have

completed here and I don't think because

it's literally only been a couple of

weeks or so I don't think we've had

enough correction so this is again

another one that can go a lot lower I

think it's too risky with all of trading

you have to think about what's your risk

risk my risk is on this side my reward

is on this side this could go up but it

could go down about there too doesn't

make any sense where some of the old

coins were already down here your risk

is literally nearly nothing now and your

upside is crazy amount if we get that

crazy 30 3 month or so uh Bull Run Bonk

is another one I'll mention because it

looks like it's completing a very nice

flat correction here where you can see

we double topped uh but very likely we

may need to break these lows again reset

and and then we go but then we you'll

have to join with Etc so my opinion

large cap meme coins be very careful

with at the moment again I'm only giving

you advice I would give myself when it

comes to trading you never hear me on

YouTube Shilling random small cap meme

coins or all coins I'll never do that

because my main aim is whether it's my

free content here or paid content I have

my main aim is to help you become better

Traders and make good decisions for

yourselves that's the whole point and

don't I don't engage in any of this pump

and dump nonsense cuz I don't need to

and nobody should really eth is one

again I mentioned on Twitter and I

mentioned on videos here before it

genuinely has a bullish setup because

you can see here very likely uh because

this looks quite impulsive this move up

so very likely we've done a 1 two three

we might be completing four five will

break the highs and then we would have a

little pullback and then we could go for

a three four and five so this might only

be one or two of the next leg up now

it's possible a May just break highs and

call it a day there I don't like

ethereum as a blockchain at all don't

use it too slow gas Fe stuff like that I

know things have improved a lot but I'm

just being honest with you like we a lot

of you watching with me as well we're

always on salana and trading meme coins

so we don't really have that much

interest in ethereum but ethereum the

other thing to mention is a lot of you

will have uh lower budgets so why would

you want to trade things where um sorry

it's not that that high we're going to

we're aiming for all highs here so so

it's not a big move we're talking about

30% or so so my point here is if you put

in $100 here wait 3 months you're going

to get $130 back and that could be the

top for ethereum that could be it h and

then we're into a bare Market

potentially some say you know e will go

to 20,000 and stuff hope so hope because

it will carry many many hundreds of

other old coins up with it but be

realistic like let's go for first Target

and then take it from there and see how

we're getting on I'm hoping we get some

crazy parabolic rise but you know

it might not work out that way we don't

know but my point is don't go for the

30% so if this goes up 30% a lot of the

layer 2os and a lot of the other old

coins some related to ethereum some not

will

do 200 300% or more that's what you

should be focused on so summary of this

video is that there's a few uh coins

definitely you should be keeping an eye

on another couple I'll mention is

injective but the problem with some of

these is I don't think because they

haven't some of them haven't quite

broken those lows I think they could

have a little bit of a dump yet before

they reset so things like injective and

avax um another couple um I was looking

at before was SEI which hasn't done well

at all but again it could reset because

the initial structure was bullish and it

could turn now another way you could

trade these you don't want to be trading

just on you know falling knives like

that wait for it to um bottom so you'll

get a five wave move up then you'll get

a pullback and that higher low same as

in mean coins trade on the high high low

get a bit bit more probability that you

would be correct and then this actually

is the next leg up because otherwise

what might keep happening is you get

these three legged moves and then we get

a dump three-leg moves and a dump which

has been happening obviously all the way

through final thing I'd mention is

obviously I've got many many watch lists

like I've got probably nine or 10

different ones and I suggest you have a

lot too we will could get rotation as I

mentioned earlier in this video so what

was popular in October November December

January February can change so we could

have rotation we had large cap meme

coins we had AI rwd Etc this could all

change and there could be a new

narrative so you need to keep an eye on

that narrative you need to be early and

I'll make sure I update all of you here

on my videos any new narrative where I

think there are alt coins that are

starting to move right now and because

I'm literally watching the screens a lot

during the day um because I love trading

I will pick up if anything's moving even

a few perc I'm going to pick up on it

early and I'll share it with everybody

but you should too try and keep keep

your eye on it this is a Traders market

right now as has been this entire cycle

so just remember that thanks for

listening