Jamie Coutts, chief crypto analyst at Real Vision, predicts a potential altcoin market recovery by June, emphasizing that traders should focus on network activity as a key indicator for trading. Coutts suggests that only altcoins with strong utility and increased network activity will see price gains in this upcoming rally. He noted that while Ethereum dominates total value locked in the market, altcoin indicators currently indicate a challenging environment, illustrated by significant drops in the Altcoin Speculation Index and CoinMarketCap’s Altcoin Season Score. The total crypto market cap has declined approximately 8% over the last month, with noticeable reductions in active addresses on networks like Solana. Coutts expects that if Bitcoin reaches new all-time highs, we may see recovery in select high-quality altcoins. However, analysts have started to question traditional metrics like Bitcoin dominance as indicators of an altcoin season, suggesting that trading volume may be a more relevant signal moving forward.

Source 🔗