Cryptocurrencies with a market value under $10 billion may offer opportunities to investors who have experienced declines since Bitcoin reached a new peak in early 2024. RealVision’s chief crypto analyst Jamie Coutts explained in a June 13 X post that smaller crypto assets have been on a downward trend since their peak in March.
Notable Comment from a Renowned Analyst
Bitcoin reached an all-time high of $73,679 on March 13 but fell approximately 6% to $67,126 last week, according to Tradingview data. Jamie Coutts shared the following insights:
“If this is a regular mid-cycle correction, which I believe is likely, then expect some opportunities in mid and small markets once the market settles.”
Bitformance’s crypto tracking data shows that the top 200 weighted index, which gives equal weight to cryptocurrencies regardless of market value, has fallen over 30% compared to the market value index weighted by cryptocurrency market values over the past three months.
What’s Happening in the Altcoin Market?
The decline shows that smaller cryptocurrencies have underperformed compared to larger cryptocurrencies dominating the market value index. Meanwhile, Coutts noted that Bitcoin and Ethereum only experienced declines of 11% and 5%, respectively, in the same three-month period.
He added that metaverse-related tokens recorded the lowest returns in the index over the past three months, with a negative return of 44.13%. According to CoinGecko, metaverse tokens like The Sandbox and Decentraland, which fall under the market value category of under $1 billion, experienced declines of over 15% last week.
This comes as institutional interest beyond Bitcoin and Ethereum continues to grow. On June 6, Franklin Templeton announced it was exploring a new crypto fund for institutional investors to invest in altcoins. The asset manager did not specify which altcoins would make up the fund’s basket but recently praised the Solana network.
