In recent crypto market news, a list of altcoin market top performers has emerged amid changing market dynamics. Solana, Tron crypto, Arbitrum, are among coins most likely to display higher crypto prices.
A fed rate cut announcement for the first time this year flipped the crypto market narrative. Where are crypto prices headed then?
Well, analysts and industry experts have been pondering the same question. Raoul Pal just hosted a discussion on his show, with former Bloomberg analyst Jamie Coutts who had some interesting takes on the crypto market.
The analyst confirmed that his observations in the market revealed a shift in favor of altcoin season as Bitcoin dominance cooled down further.
His take on the crypto market was that the market phase shifted in favor of altcoins with strong tokenomics and robust utility.
Coutts revealed that his take for the next phase of the crypto prices Bull Run was that tokens or coins form highly performing blockchain networks would deliver the most gains.
This school of thought reflected what we had already previously observed as some top coins experienced a dominance surge.
Crypto News: Jamie Coutts Reveals his Criteria for Altcoin Season Picks
The Real Vision analyst noted that traditional metrics may not necessarily be as accurate as one would expect.
He did however note that the Metcalfe’s law was a more accurate measure of real growth as far as blockchains were concerned.
Based on Metcalfe’s law, the focus would primarily have to be on address activity and settlement value.
The latter underscores the value transferred across the networks, hence creating a rough idea of the kind of real activity happening under the hood.
This is important because each transfer attracts a charge in the form of gas fees.
Speaking of gas fees, Coutts also noted that the overall trend in crypto news appeared to be shifting towards lower fees amid the rising competition for long term user growth and user retention.
Based on this observation, the former Bloomberg analyst hinted that he anticipated more growth opportunities from Ethereum layer 2 networks rather than Ethereum itself.
Crypto News: Top Altcoin Market Performers in the Next Few Months
Arbitrum’s ARB token Price
According to the analyst, top Ethereum layer 2 networks were on track to secure growth opportunities especially since they offer better transaction cost efficiency.
Interestingly, Arbitrum secured a lead in the Layer 2 landscape, making its native token ARB the top contender.
Interestingly, ARB was still heavily discounted despite recovery attempts after retesting its $0.25 historic low range.
For context, its $0.52 press time price tag was about a 78% discount from its historic top and this could boost its attractiveness.
Sui (SUI) Price
The discussion around Sui took note of its fast rise to become one of the top networks.
It also highlighted that its settlement volumes were almost on par with Solana despite having much lower address activity. Sui had the highest settlement volume rate of growth in the last 2 years.
SUI crypto was up over 1,000% from its lowest historic price point but was significantly discounted from its historic top.
Although by a modest 26%, but its robust performance could underscore more potential upside.
Hyperliquid (HYPE) Price
Hyperliquid was one of the youngest blockchains to join the mainstream this was evident in its robust performance.
Especially its price action, which maintained an overall uptrend this year, rallying by about 530% from its historic bottom range in April.
Despite the upside, SUI is a low-cap and could be due for more liquidity injection. Moreover, institutional demand made it more attractive for long term bullish speculation.
Tron (TRX) Crypto Price
It was not surprising that Tron crypto had the second highest settlement volume after Ethereum. After all, it has been heavily focused on leveraging growth through stablecoin transactions.
Mr. Coutts noted that Tron crypto’s biggest limitation was that it was not diversified compared to other top rivals.
Solana (SOL) Price
In recent crypto news, Solana experienced renewed interest, with network activity maintaining a strong uptrend. Moreover, unlike Tron, Solana has so far managed to diversify to include numerous areas of growth.
SOL dominance recently ticked up signaling that it was receiving more investor attention than Ethereum.
This flip could signal that SOL price was ready to take advantage of the next phase of rapid growth.
These were just some of the few coins that were on the list. There were some other honorable mentions such as APT, BNB and AVAX among others.