#BuiltonSolayer Bitfinex: the drop of Bitcoin to 112,000 dollars did not favor the chances of an altcoin season

The performance of altcoins this week suggests 'a rapid risk unwinding in the high beta segments' of the cryptocurrency market.

Bitfinex: the drop of Bitcoin to 112,000 dollars did not favor the chances of an altcoin season

Market news

The failure of altcoins to rally after the recent drop of Bitcoin to 112,000 dollars has sparked a debate on whether an altcoin season is on the short-term horizon.

Bitcoin

BTC

98,558 €

briefly fell to 112,044 dollars on Sunday, followed by a few volatile days before reaching 113,839 dollars at the time of this edition, according to Nansen.

The decline comes just weeks after the cryptocurrency hit new all-time highs of 123,100 dollars on July 14.

'Speculative appetite' decreasing across the cryptocurrency market

Several major altcoins also fell last week. Solana

SOL

141.64 €

has dropped 9.45% in the last seven days, while XRP

XRP

2.54 €

has also retreated 5.48%, and Dogecoin

DOGE

0.1734 €

has fallen 10.80%.

'Interestingly, this breakdown did not translate into sustained altcoin supply, quite the opposite,' Bitfinex analysts stated in a market report on Tuesday.$BTC