Coinbase Analyst: XRP, DOGE, SOL Lead the Decline in the Crypto Market, but BTC Market Share Drop May Drive Continued Altcoin Season

Odaily Planet Daily reported that according to CoinDesk data, XRP, DOGE, and Solana's SOL have fallen about 5% in the past 24 hours, leading the decline among the top ten cryptocurrencies. Since the peak on Wednesday, XRP and DOGE have dropped by 18%, while SOL has decreased by 12%. In contrast, Bitcoin (BTC) has only fallen 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 experienced a recent pullback due to excessive leverage. Coinglass's altcoin 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; if it continues to stay below this level, it may trigger a sustained outperformance of altcoins compared to Bitcoin, similar to the trend in 2021. Duong advises investors to wait for more closing confirmations to cautiously position themselves. (CoinDesk)