Bitcoin recently fell to $112,000, and altcoins failed to rebound, sparking discussions about whether an altcoin season is approaching.
According to Nansen, Bitcoin (BTC) briefly dipped to $112,044 on Sunday, followed by several days of volatility, reaching $113,839 at the time of writing.
This drop occurred weeks after the cryptocurrency set a new all-time high of $123,100 on July 14.
In the past week, several major altcoins also experienced declines. Solana (SOL) dropped 9.45% in the last seven days, while XRP (XRP) pulled back 5.48%, and Dogecoin (DOGE) fell 10.80%.
"Interestingly, this breakout did not translate into sustained buying of altcoins—in fact, quite the opposite," a Bitfinex analyst stated in a market report on Tuesday.
Despite signals that historically indicated a rebound for altcoins, these declines still occurred.
In the past 30 days, Bitcoin's dominance has decreased by nearly 5.5%, while Ethereum has risen by 40%, suggesting that traders may be shifting towards higher-risk assets.
However, the synchronized decline of altcoins indicates that investors may be taking profits rather than taking on further risks.
"This capitulation of altcoins, along with Bitcoin's weakness, suggests that speculative interest is now declining across the board," they added.
Bitfinex noted that the market may be entering a consolidation phase, but new macro events or strong inflows into crypto ETFs could quickly change the situation.
Not all analysts believe that the altcoin season is over.
In a post on X on Tuesday, crypto analyst Ted stated, "This is the best opportunity to accumulate before a practical altcoin explosion."
Merlijn The Trader remarked, "Meme coins are building momentum and may see a significant breakout." He also mentioned, "When this spring is released, the market will restart." He pointed out that the chart patterns of the meme coin craze are similar to the trends seen in previous years after a period of adjustment.
On July 21, the CoinMarketCap meme coin season index showed "meme coin season," scoring 55 out of 100. By the time of the update on Tuesday, the index had shifted to "Bitcoin season," with a score dropping to 40.
Related: Buffett insists "cash is king," missing out on $850 million in Bitcoin (BTC) profits by 2025.
Original: “Bitfinex: Bitcoin (BTC) Drops to 112,000, Altcoins Fail to Show Summer Rally”
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