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#Crypto IPO Surge# Is altcoin season over before it even began? The crypto market is awash in red.
Despite signals of an altcoin season, Solana, XRP, and Dogecoin all fell. Have investors taken profits?
The failure of altcoins to rally after Bitcoin's recent drop to $112,000 has sparked debate about whether an altcoin season is imminent.
Bitcoin BTC briefly fell to $112,044 on Sunday, then fluctuated for a few days before reaching $114,990.
This decline comes just weeks after the cryptocurrency reached a new all-time high of $123,100 on July 14.
Speculative appetite is declining in the crypto market.
Several major altcoins have also experienced declines over the past week. Solana SOL has fallen 9.45 percent in the last seven days, XRP has fallen 5.48 percent, and Dogecoin DOGE has fallen 10.80 percent.
These declines occurred despite signals that historically precede altcoin rallies.
In the last 30 days, Bitcoin dominance has fallen by almost 5.5 percent, while Ether has risen by 40 percent. This suggests that investors may be shifting to riskier assets.
A period of consolidation may be in the offing.
However, the simultaneous decline in altcoins could indicate that investors are taking profits rather than taking on more risk.
“This capitulation in altcoins, alongside the weakness in Bitcoin, suggests a general decline in speculative appetite,” the analysts said, adding:
The OTHERS index, which tracks the broad altcoin market outside the top 10 coins by market capitalization, has also declined by 18.7% over the past 10 days before recovering slightly. This suggests rapid risk reduction in high-beta segments of the market.
Continued hope for an altcoin rally.
Not all analysts are convinced that altcoin season is off the table.
“This is your best opportunity to accumulate viable altcoins before the parabolic rally,” wrote crypto analyst Ted.
“Altcoins are poised for a sharp breakout,” he said, adding, “Once this arc is released… the game is on,” and pointing out that the altcoin season chart pattern resembles the upward trends seen after correction phases in previous years.
On July 21st, the Altcoin Season Index signaled an “Altcoin Season” with a score of 55 out of 100. In Tuesday’s update, the score dropped to 40 out of 100, reverting to a “Bitcoin Season.”
#Bitcoin Hashrate New High#
🟥 SHORT : 45.83% (+0.01%)