Renowned investor and media personality Kevin O’Leary said Monday that altcoins are no longer bouncing back after market corrections, as investor attention is now solely on Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH).
O’Leary Says Altcoins Have No Use Cases
O’Leary said in an X post that investors have realized owning only the two coins is enough to capture 97.5% of all the cryptocurrency market’s “alpha.”
“If you own those two, it doesn’t matter what happens anywhere else because everything else is moving with a much higher [volume] to the downside and not recovering anymore because they have no use case,” O’Leary, also known as “Mr Wonderful,” argued.
He added that, unlike previous corrections, altcoins in the current market haven’t bounced back as expected.
No Altcoin Season Yet?
Notably, CoinMarketCap’s Altcoin Season Index had a value of 23 as of this writing, indicating a “Bitcoin Season.” Altcoin Season typically happens if 75% of the top 100 coins outperform Bitcoin in the last 90 days.
On the other hand, the total market share of altcoins rose from 28.2% to 29.5%. At the same time, Bitcoin’s dominance fell from 59.2% to 58.9%, while Ethereum’s share shrank from 12.6% to 11.5%.
See Also: Trump Media Nears Public Launch Of $6 Billion Cronos Treasury Through Crypto.Com Partnership
O’Leary Advised Against Irrelevant Tokens
O’Leary’s stance on the two blue-chip assets has been clear for some time. In September, he said that owning these two cryptocurrencies can capture the majority of the market’s volatility and yield. He advised his followers to avoid chasing “irrelevant tokens.”
He also noted a shift in investment habits among Gen Zs. Earlier in August, he said that younger investors are purchasing Bitcoin and Ethereum alongside traditional stocks, a trend he did not see when he began investing.
Price Action: At the time of writing, BTC was exchanging hands at $86,961.70, up 0.94% in the last 24 hours, according to data from Benzinga Pro. ETH traded down 0.50% at $2,804.71 at last check.
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Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.
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$BTCBitcoin – United States dollar$87083.890.90%Overview$ETHEthereum – United States dollar$2807.260.12%Market News and Data brought to you by Benzinga APIs
