Cryptocurrency analyst Miles Deutscher shared his latest analysis on altcoins on Twitter.
Miles Deutscher Says New Altcoins Are Doing Better In This Bullish And This Trend Can Continue
In a tweet on April 14, Deutscher observed that new coins (like ARB, APT, OP) outperformed their old counterparts during this rally. He explained that the market likes to gravitate towards the newest fashion, and the same thing happened last cycle and will happen again.
Deutscher listed the reasons why new altcoins outperformed others as follows:
“The new technology offers an advantage over its predecessors, either materially or perceptually.
The absence of historical price action (resistance) is less psychologically constraining to the upside. There is also a perception that new coins may repeat the performance of old ones (setting a precedent for chasing gains).
Current trends attract the attention of individual investors more effectively than old trends.”
The market loves gravitating towards the latest shiny thing.
The same thing happened last cycle, and it will happen again.
— Miles Deutscher (@milesdeutscher) April 14, 2023
In addition, another analyst, Smiley, added a new reason for Deutscher’s new altcoins to attract more attention in his statement and received approval from Deutscher himself:
“There are no remnants of big coin holders from previous cycles waiting desperately to close the losses or make a slight profit, so the selling pressure is much less.”
In particular, the release of cryptocurrencies such as Arbitrum and Aptos had a great impact.
*Not investment advice.