• The altcoin season index dropped from 88 to 71. 
• Bearish sentiment around ETH, SOL, and BNB was rising. 

After comfortable rallies, altcoins seemed to have taken a backseat in the last 24 hours. However, the possibility of the arrival of an altcoin season can’t be ruled out yet.

This was the case as the altcoin market cap chart was following a similar pattern seen during previous cycles. 

What are altcoins up to?

Top altcoins like Ethereum [ETH], Binance Coin [BNB], and Solana [SOL] have witnessed price corrections in the last 24 hours. Per CoinMarketCap, these coins’ prices dropped by 2.5%, 3.5%, and 4%, respectively, over the last day.

Even memecoins were not spared, as their fates were also similar. Dogecoin [DOGE], the world’s largest memecoin’s value, declined by more than 5% during the same period.

It was interesting to note that not only altcoins, but the king of crypto, Bitcoin [BTC] also showed signs of a correction.

AMBCrypto had earlier reported that BTC’s MVRV ratio was reaching a historic level, which have been followed by price drops on previous instances.

But this latest trend might just be a diversion and a great opportunity for investors to buy coins at a lower price. Mou

Go to Source to See Full Article
Author: Dipayan Mitra