Most cryptocurrencies have no future: analyst gives reasons

Willie Wu, co-founder of the CMCC Crest venture fund and crypto analyst, said that we should not expect records from the upcoming altcoin season.

In his opinion, the current altcoin market is increasingly formed around memecoins, which only worsens the situation and is a kind of «mockery» of the cryptocurrency industry. It is noted that the markets will continue to experience seasons of altcoin growth, but this trend will weaken every year.

«I do not deny that there will be altcoin seasons. Of course, we will see the growth of mid- and small-cap coins after bitcoin’s spikes, as investors seek to generate more income by moving to higher-risk assets. This is a normal part of the market, and we can see it in the quotes,» the analyst said.

Wu added that altcoins have no prospects, as they are largely dependent on insider trading, so only those who have a good understanding of their future prospects can invest in them.

The analyst emphasized that the crypto industry should recognize that these assets have many problems, as the trends of the third quarter showed that the altcoin sector is in decline and lags far behind the dynamics of bitcoin.

«It is predicted that the profitability of altcoins will decline further in the next few years,» Wu added.

As a reminder, one of the first Ethereum investors to participate in the 2014 ICO has started selling off its assets, which could have a negative impact on the ETH price.