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Altcoins have had no serious move in five years, a stretch that lines up almost perfectly with a record contraction in the ISM PMI manufacturing index, which has now started breaking out again.
This cycle’s biggest upside may sit in established small caps with real revenue that the market has ignored, while tokens like StarkNet, with around 5,000 daily active addresses and a billion dollar valuation, show the risk of holding coins with no real value capture.
NEAR, Sui and Aerodrome, whose merger with Velodrome launches across seven chains on October 21st, stand out as projects with real adoption still trading at reasonable valuations.
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0:00 No Real Altcoin Move In 5 Years
0:12 Altcoins Are Just Getting Started
0:52 The ISM PMI Proof
1:37 When You Think It’s Over
1:58 This Cycle’s Alpha Is In Small Caps
2:14 If Zcash Hits $15K, What About Small Caps?
3:25 Nobody Is Bullish Enough
3:54 Your Biggest Risk Isn’t Quantum
4:20 Why I’m Not Buying StarkNet
4:58 The Kalshi Card
5:55 StarkNet Hasn’t Delivered In Years
6:29 5,000 Daily Users, $1B Valuation
7:00 StarkNet vs NEAR
7:24 Sui And The Apps
7:54 Aerodrome
8:35 $500M Paid Out To Voters
8:58 Aerodrome vs Uniswap
10:33 The Aerodrome Breakout Chart
10:44 The Lark Davis Newsletter
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