Altcoins fall as alt season expectations rise
Altcoins started the week with $1.5 billion in futures liquidations as ETH, SOL, XRP, and DOGE corrected.
The cryptocurrency market value closed over $1.6 trillion last week amid alt season optimism.
After Bitcoin crossed $100K, investor anticipation for an alt season may have cooled.
On Monday, Ethereum (ETH), Solana (SOL), XRP, and the altcoin market lost approximately $1.5 billion in futures liquidations. Bitcoin dominates altcoins despite rumors of an alt season, as seen by the correction.
Altcoins fall as alt season expectations rise.
ETH, SOL, XRP, BNB, and DOGE lost over 4% on Monday as bulls wore down. The decline follows the altcoin market's first weekly closing over $1.6 trillion since 2021.
The dip may be because to lower alt season expectations after Bitcoin hit $100K, according to crypto community members.
High liquidations might induce investors to fear and park their funds in stablecoins or BTC.
Crypto aficionados anticipate the correction to boost the altcoin market cap to new highs.
Previous alt seasons suggest this downturn may be beneficial for cryptocurrencies. Altcoins fell sharply a few weeks after reaching new highs in May 2021 before rebounding and making new highs in November.
Traders may be setting themselves to purchase the fall. Tokens like SOL and TON are trading marginally below their all-time highs.
According to CryptoQuant research, BNB and Bitcoin are favorites to breach ATH values after a week of performance.
"Active development teams and networks underpin both initiatives. These numbers suggest these currencies may soon follow Bitcoin "CryptoQuant analyst Maartun.
Altcoins' continuous connection with Bitcoin as it fell below $100K over the weekend also contributed to the market downturn. A complete alt season is unlikely if this association continues high.
#BinanceHODLerMOVE #AltSeasonBoom? #BuyTheDipOrWait #MarketCorrection $XRP $SOL $BNB
