Andrew Kang, founder of Mechanism Capital, predicts that over 98% of altcoins have reached their peak for the current cycle, cautioning against early buying during downward trends.

He suggests that only a few coins may see new highs in late 2024 to early 2025, with meme coins likely to dominate this group.

Kang emphasised the importance of market structure breaks and their impact on market corrections, advocating patience for buying opportunities in the next cycle when sentiment is bearish.

He highlights meme coins as potentially high performers due to their speculative nature and vast numbers, advising selective investment among the hundreds of thousands available.

Analysts are also monitoring the SEC’s upcoming decision on a spot Ethereum (CRYPTO:ETH) ETF, which could influence a new rally for ETH and further shape market dynamics.