Here are some reasons
Flash crash 👇
1) No narrative
In the first quarter, memecoin prices surged due to pre-sale hype.
In the second quarter, the RWA token surged due to the impact of BlackRock.
But currently, there is no such narrative to bring about new liquidity.
2) ETH ETF transaction delay
Although the ETH ETF was approved a month ago, trading has yet to begin.
Trading may take another three weeks to begin, leading to a shift in sentiment away from altcoins.
Remember, the big altcoin rally always starts with ETH, so unless ETH hits a new ATH, the altcoin season won’t begin.
3) Too Greedy
Celebrities are launching their memecoins.
Celebrities are launching their Solana alternatives
Retail investors are posting screenshots of their million-dollar memecoin profit and loss statements.
All of these are signs of greed, and greed always leads to collapse.
When will the market recover?
The recovery of the altcoin market now relies mainly on ETH.
If the ETH ETF can bring in good inflows like BTC, the next altcoin season will begin.
This could even lead to institutional applications for other altcoins, thereby deciding the next big topic.
Prior to this, most altcoins were in completely oversold territory, and historically, fear buying has always paid off handsomely.
