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Altcoins slide further to the decline when investors flock Bitcoin In the middle of gradation of geopolitical tension and the environment.
Coinglass data shows that the Altcoin Index has thrown itself at 12, its weakest level in almost a year, reflecting a deepening lack of interest in non -nebitoin cryptocurrencies.
The Altcoins Index watches how non-bitcoin assets work in relation to bitcoin. The low score suggests that altcoins do not significantly achieve performance, reflecting a wider step towards safety in uncertain markets.
The trend has intensified in the last month because the tension between Israel and Iran and the fear of escalating on the United States has pushed investors to more resistant assets such as bitcoins.
Bitcoin dominance rises
With regard to this, Shawn Young, the main analyst Mexc Research, said, said Cryptoslate That the view of the traditional altcoin season remains unclear.
According to him, the past cycles often saw altcoins in the last stages of Bull Running, but current market conditions indicate a different way. Institutional players now set the tone and their preferences of bitcoins considered to be a lively and liquidity anchor, continues to suppress an altcoin reflection.
He added:
“As long as the volatility remains increased and the macro persists, the alternation of capital into altcoins may remain limited.”
This shift was reflected at the weekend when Ethereum It dropped to $ 2,130, the lowest since May, while Solana, XRP and other prominent altcoins saw drops of more than 7%. ETH recovered at $ 2260 at the time of printing.
Although Bitcoin dropped under $ 100,000 briefly, he quickly recovered to $ 101,000. As a result, its dominance over the overall crypto market increased by 65%, which has been the highest since the beginning of 2021.
Another altseason
Meanwhile Young pointed out that there is still potential for a new altseason-like-1-1—seater Solanand XRP.
According to him, these platforms support a vital infrastructure, such as the tokenization of assets in the real world, depin protocols and the edition of Stablecoins, which are areas that gain traction among institutional investors.
He noted that interest in these high altcoins could return if bitcoins stabilized over $ 100,000 and macro risk easily. In addition, the start of the SPOT ETF for these L1S can also serve as a future catalyst that could restore interest in digital assets.
