Wall Street analyst, who comes to mind when it comes to crypto money Tom Leehe noted that there could be serious increases in the price of subcoins within a few months.
The severe depreciation of Bitcoin, which took place a few days ago, caused an earthquake effect on subcoins. Bitcoin declined by about 10 percent, while the volume of subcoins in the first 20 experienced losses of 15 to 25 percent. According to Tom Lee, the subcoins, which saw the lowest price levels in 2018 over the past 30 days, are preparing to explode.
Thomas Leestated that they formed the Altcoin Correction Index within the company and this index increased to 97 percent after the last declines. Lee underlined that this level is the highest since October 25, 2014.
He also recalled that before this value reached 87 percent, a small-scale subcoin rally was experienced.
Lee, on the other hand, finds it useful for the market to mature, as opposed to those who consider these declines bad and negative.
* It is not investment advice.