Crypto’s leading altcoins have fallen far from all-time highs notched last year, but their recent resilience indicates that downward pressure could be abating, according to Grayscale Head of Research Zach Pandl.
“Altcoins are trading remarkably well over the last month in the context of a challenging macro environment,” Pandl said, in reference to headwinds like the U.S.-Israel war with Iran and a significant drawdown in stocks. “The price action may be telling us that we found a more durable bottom. That remains to be seen, but I think [it’s still] very encouraging price action.”
“If you have some patience for some further range-bound markets and choppiness over the short term, these are potentially very compelling entry points,” Pandl added.
“You’re getting a surprising opportunity, in my view,” Pandl added. “Bitcoin, in fact, will benefit less than many of these assets from regulatory clarity and adoption of tokenized assets.”
Pandl may be bullish on leading altcoins’ prospects, but the sentiment stands in contrast with some expectations that more pain could be ahead.
