After nearing $74,000 this week, bitcoin prices (BTC-USD) have fallen below $69,000 on Friday. Is the bitcoin-led crypto rally beginning to cool after running hot in 2024?

Cumberland Labs DeFi Analyst Christopher Newhouse assesses the top crypto narratives as altcoins may be showing some promise and demanding more weight from investors in the space.

“For something like meme coins, which are very hot and very interesting right now, I would like to say those meme coin-driven investments are very attention-driven,” Newhouse tells Yahoo Finance. “Whereas for some of these other altcoins and layer ones in the top 20 market cap, I’d like to say that’s more narrative-driven. And in terms of thinking of timing, narratives are usually a longer duration of timing — being able to come up with what’s going to be hot in three months… six months… [or] 12 months.”

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Editor’s note: This article was written by Luke Carberry Mogan.