This is an excerpt from the Empire Bulletin. To read the full editions, Subscribe.

Let's look forward and forget about Bitcoin (briefly) dipping below $100k, shall we?

For Amberdata's Greg Magadini, any altcoin szn is currently set to give retail a potentially profitable opportunity. Although it is clear that this is a cryptocurrency, everyone should be careful.

However, he noted that altcoins provide ordinary investors with a “more level playing field” than the stock market.

“If you think about a company going public, there are usually VCs that are early-stage investors, and there's a Series A, a B, a Series C, etc., etc. Then there's an IPO, and then there's Retail buying is the last thing in cryptocurrencies, it's actually the opposite. Retail is on Discords - small teams basically talk to their Discord communities to launch a token, and retail is often the first to go. Put it in market, so they have an essentially informational advantage.

“That's what makes this market so interesting: As a small player, you can invest and be at the forefront of the value creation process. But obviously the volatility can be crazy, and there's a lot of scams. There's no regulation along the way. Basically, you Kind of on your own.”

Bitcoin — while volatile — is the least volatile asset of cryptocurrencies right now, and it also has the advantage of being the largest market where the most people and institutions with exposure to cryptocurrencies are, Magadini said.

This opens the door to a potential rotation of altcoins for “higher beta performance,” Magadini said, as Bitcoin could rise by two-fold, while altcoins up to ten-fold.

The good news for the retail sector this cycle is that despite seeing institutional action in Bitcoin and Ether, Magadini said he believes institutions remain “closed” until we see the altcoin become a major pair.

Start your day with the best cryptocurrency insights from David Kanellis and Katherine Ross. Subscribe to the Empire Newsletter.

Explore the growing intersection between cryptocurrencies, macroeconomics, politics, and finance with Ben Strack, Casey Wagner, and Felix Goffin. Subscribe to the Forward Way Newsletter.

Get alpha straight to your inbox with 0xResearch Newsletter - Market highlights, charts, trade ideas, management updates, and more.

The Lightspeed Newsletter has everything Solana, in your inbox every day. Subscribe to Solana Daily News By Jack Kopenick and Jeff Albus.