Odaily News According to CoinDesk data, XRP, DOGE, and Solana's SOL have fallen about 5% in the past 24 hours, leading the top ten Crypto Assets. Since the peak on Wednesday, XRP and DOGE have decreased by 18%, while SOL has dropped 12%. In contrast, Bitcoin (BTC) is down about 3% from its mid-week high of $120,000 to $116,000, and Ethereum (ETH) is down 4%. Coinbase analyst David Duong stated in the report that the altcoin market has seen a recent pullback due to excessive leverage. Coinglass's alt season index dropped from 59 on Monday to 41 on Friday, but the altcoin market (excluding stablecoins) has nearly doubled in market capitalization since April. Bitcoin's market share has fallen below the 200-day moving average, and if it remains below that level, it could trigger a continued outperformance of altcoins over Bitcoin, similar to the trend in 2021. Duong advises investors to wait for more closing confirmations to position themselves cautiously. (CoinDesk)
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Coinbase analyst: XRP, DOGE, and SOL lead the fall in the crypto market, but the decline in BTC's market share may drive the alt season to continue.
Odaily News According to CoinDesk data, XRP, DOGE, and Solana's SOL have fallen about 5% in the past 24 hours, leading the top ten Crypto Assets. Since the peak on Wednesday, XRP and DOGE have decreased by 18%, while SOL has dropped 12%. In contrast, Bitcoin (BTC) is down about 3% from its mid-week high of $120,000 to $116,000, and Ethereum (ETH) is down 4%. Coinbase analyst David Duong stated in the report that the altcoin market has seen a recent pullback due to excessive leverage. Coinglass's alt season index dropped from 59 on Monday to 41 on Friday, but the altcoin market (excluding stablecoins) has nearly doubled in market capitalization since April. Bitcoin's market share has fallen below the 200-day moving average, and if it remains below that level, it could trigger a continued outperformance of altcoins over Bitcoin, similar to the trend in 2021. Duong advises investors to wait for more closing confirmations to position themselves cautiously. (CoinDesk)