Cryptocurrency
98% of Altcoins Have Peaked, Meme Coins Could Be Future High Performers: Andrew Kang

Andrew Kang, founder of Mechanism Capital, predicted that over 98% of altcoins have already peaked for the current cycle.
He noted that only a select few coins might see new highs in late 2024 to early 2025, with meme coins likely to make up most of the coins with the potential to reach new highs.
Altcoin and Meme Coins Prediction
Kang’s recent remarks build on a statement he made about a week ago, in which he observed that Bitcoin had led the crypto market to an inflection point. According to him, this comes after prolonged periods of trading behaviors that become ingrained and continuously rewarded.
The most common mistake you see in crypto markets is buying too early when the trend has inflected from up to down
Corrections from big market structure breaks are always deeper and longer than most expect
You do not buy when a few people are bearish 10% off BTC highs. Some… https://t.co/8vLwKXBa4G
— Andrew Kang (@Rewkang) July 7, 2024
In his July 7 X post, Kang highlighted a common mistake in the crypto markets: buying too early when the trend shifts from upward to downward. He emphasized that corrections following significant market structure breaks tend to be deeper and longer than anticipated.
“You do not buy when a few people are bearish 10% off BTC highs,” Kang stated. “Some people need to sell for the price to go down after all. You buy for the next cycle when everyone is liquidated, people leave the space, and the majority question whether crypto is dead forever.”
One X user responded to Kang’s observations, interpreting his comments as suggesting that the current cycle is over and there is no point in buying any time soon. Kang responded, “I believe 98%+ of altcoins topped for the cycle except for maybe a handful of coins that may make some new highs in Q4 2024/Q1 2025.”
Responding to a question about how meme coins fit into his outlook, the analyst said, “Memes probably constitute a majority of the coins that have a chance of making new highs. Hundreds of thousands of meme coins exist, so you need to be quite selective.”
Future Prospects
The crypto industry is closely watching the U.S. Securities and Exchange Commission (SEC) for a decision on the launch of spot Ethereum ETF trading. Analysts and market observers are optimistic that the SEC’s decision, expected within the next two weeks, could trigger a new rally for ETH.
Kang also states that Bitcoin is transitioning into a “supercyclish asset,” exhibiting characteristics from previous cycles while increasingly behaving like a mature macro asset.
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Cryptocurrency
Bitcoin Price Crashes Below $100K as Iran Votes to Close Straits of Hormuz

Bitcoin’s price has crashed below $100,000 for the first time since May 25th, charting a decline of around 4% in the past 24 hours alone. The cryptocurrency is down 5.5% throughout the last seven days.
The market downturn has also caused a broader selloff amongst altcoins, most of which are deep in the red, resulting in almost $1 billion worth of liquidated positions, according to CoinGlass.
As CryptoPotato reported earlier today, the US joined the war between Israel and Iran, striking three strategic nuclear Irany sites.
In response, some media reports indicate that the Iranian Parliament has voted in support of closing the Strait of Hormuz – one of the world’s most criticial oil transit chokepoints.
This resulted in immediate increase in oil prices, which are up almost 1% on the day, sparking international fears of inflation and economic turmoil. Traders are seemingly derisking and it’s interesting to see how deep this correction will extend.
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Cryptocurrency
Bitcoin Demand is Drying Up, What Does This Mean? (CryptoQuant)

As bitcoin (BTC) attempts to recover from the effects of tensions in the Middle East, demand for the digital asset is drying up. Market experts from the on-chain intelligence company CryptoQuant have discovered that Bitcoin demand is entering a slowdown period.
According to the latest CryptoQuant weekly report, the decline in Bitcoin demand comes after a period of acceleration that pushed the price of BTC towards $112,000. Demand-momentum metrics are currently showing their most negative readings on record — -2 million BTC.
Bitcoin Demand is Weakening
CryptoQuant revealed that Bitcoin spot demand has continued to grow but at a decelerated expansion rate. Apparent demand growth has fallen to 118,000 BTC over the last 30 days, compared to 228,000 BTC recorded on May 27. The metric is also below its 30-day moving average, indicating that the demand for BTC is weakening.
Bitcoin whale and spot exchange-traded funds (ETFs) have halved their purchases. The expansion of whale balances has fallen to 1.7% month-over-month (MoM) from 3.9% as of May 27. Daily BTC purchases from ETFs are also down from an April 23 local peak of 9,700 BTC to 3,300 BTC today.
Additionally, demand from new participants entering the Bitcoin market is low, and overall demand momentum has turned negative. Short-term holders now account for 4.5 million BTC, a decline of 0.8 million BTC from the 5.3 million BTC they controlled as of May 27.
Furthermore, investors in the futures market have sold their BTC to lock in profits and are currently opening new short positions. CryptoQuant said its Bitcoin Traders’ Behavior Dominance metric shows that participants offloaded their coins to take profits after BTC hit $110,000 last week. Afterward, they opened fresh short positions as BTC below $105,000 amid rising tensions between Israel and Iran.
What to Expect
For BTC to experience a sustained rally, whales and spot ETFs need to increase their demand for the cryptocurrency. New investors also need to buy BTC from the old ones, thereby expanding the balances of short-term holders.
If demand continues to decline, BTC could plummet below $100,000 and fall to the support zone near $92,000. The crypto asset was hovering around $102,700 at the time of writing following the attacks from the US against Iran.
Meanwhile, CryptoQuant has identified $92,000 as the Traders’ On-chain Realized Price, which often acts as price support during bull markets. If BTC falls below this level, it could plunge to $81,000, which has been marked as the lower band of the Traders’ On-chain Realized Price.
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Cryptocurrency
Max Keiser Predicts $800K BTC from ‘Bond Apocalypse,’ Markets Eye $93K

At the time of this writing, Bitcoin (BTC) was a couple of hundred dollars under $103,000, after dipping 4% in 24 hours, but Max Keiser is suggesting this volatility is mere tremors before a seismic surge to $800,000.
In a sit-down with Bitcoin Magazine’s Isabella Santos, the legendary BTC prophet claimed that the 10-year Japanese Government Bond (JGB) yield is the “lynchpin” threatening financial collapse and triggering Bitcoin’s epic moon mission.
The Road to $800K
In the interview, the Bitcoin bull laid out a doomsday scenario that could potentially lead to an astronomical spike in the king cryptocurrency’s price:
“There is one piece of data that is the lynchpin of the entire global financial system… It’s the rate of interest on the 10-year Japanese bond,” Keiser declared.
Currently, the yield is at about 3.5%, and any higher, the market watcher warned, could potentially lead to the collapse of the decades-long “yen carry trade,” where Wall Street borrowed near-zero-yen to fuel speculative investments.
“The Japanese economy is going to have to start selling U.S. Treasury bonds to stay solid, which would create a cascading event, what I call the bond apocalypse, where the global bond market crashes.”
He stated that if this were to happen, then trillions of dollars’ worth of capital would flee collapsing government debt and rush straight into BTC.
“In that environment, Bitcoin spikes to $500,000, $600,000, $800,000.”
Bearish Caution
While Keiser’s prediction might have gotten the crypto community on X talking, the market remains rather tense and confused. Pseudonymous trader Mr Wall Street hinted at a potential short-term nosedive to the $93,000 to $95,000 range, warning that the charts were “screaming for lower.”
Still, voices of resilience have been piping up, with analyst Axel Adler Jr. pointing to rising long liquidation dominance without a major price crash as a “good signal,” suggesting strong underlying buyer support.
Additionally, on-chain sleuth DeFiTracer sees cooling Middle East tensions due to Iran’s apparent openness to talks as well as Fed member Christopher J. Waller’s signal for July rate cuts as bullish signals. He suggested these catalysts are quietly shifting markets from uncertainty “into the trust phase.”
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