The performance of the altcoins this week suggests “rapid derisking across the high-beta segments” of the crypto market.
Altcoins’ failure to rally after Bitcoin’s recent drop to $112,000 has sparked debate about whether altcoin season is on the near-term horizon.
Bitcoin (BTC) briefly fell to $112,044 on Sunday, followed by a volatile few days before reaching $113,839 at the time of publication, according to Nansen.
The decline comes just weeks after the cryptocurrency reached new all-time highs of $123,100 on July 14.
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