BTC Plunge Signals Altcoin Season Is Near
Daniel Yan, co-founder of cryptocurrency service provider Matrixport, told X: "A 5% price drop in a bull market can be considered a healthy correction. It's worth noting that BTC's dominance (BTC's market cap as a percentage of the total cryptocurrency market cap) has been declining at the same time as BTC's price has been falling. This signals that altcoin season is coming sooner rather than later. Meanwhile, BTC has regained $68,000, according to market watchers. On the global exchange USDT market, BTC is trading near $68,000.
Meanwhile, crypto market data analysis platform Into the Block reported in its weekly newsletter that "the crypto market is showing signs of overheating. MemeCoin has recently surged and leverage on major coins is growing rapidly. In the derivatives market, borrowing to buy long positions is at its highest level since 2021. Increased leverage in the DeFi and CFi markets could lead to a correction soon."
