Crypto analyst Miles Deutscher is “shocked” at the current state of the altcoin market, noting its weakness against major cryptocurrencies.

What Happened: Deutscher noted that despite Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH) maintaining strong positions, many altcoins are revisiting their July lows. He noted memes, real-world assets and selected narrative plays to reflect relative strength.

He attributed this trend to three factors: the ongoing issue of altcoin dispersion, inflows into spot ETFs for BTC and ETH, and existing liquidity gravitating towards meme coins. He highlighted that the relative mindshare of meme coins is at an all-time high, which is a bullish sign for those familiar with this market segment.

However, for long-term success, Deutscher suggests being selective with asset choice, focusing on quality assets with strong teams, communities, and narratives. He also recommends treating every market rotation as a profit opportunity and emphasizes the importance of taking profits.

Also Read: Bitcoin Stuck In Sideways Mode: Can We Forget About ‘Altcoin Season’ Altogether?

Why It Matters: Deutscher’s observations provide a nuanced view of the altcoin market, which appears to be underperforming despite the overall strength of the cryptocurrency market. He suggests that a break of BTC’s all-time highs could renew retail interest and temporarily alleviate the situation.

Deutscher concludes by acknowledging the increased complexity of this cycle compared to 2017 and 2021, but encourages persistence, learning, and adaptation for those seeking significant rewards in the crypto market.

What’s Next: The influence of Bitcoin as an institutional asset class is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.

Read Next:

• Ethereum ‘Monster Move’ Coming After Bitcoin Rally Is Done, Says Trader

This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

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