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Coinbase Analyst: XRP, DOGE, SOL Lead Cryptocurrency Market Decline, But BTC Dominance Drop May Sustain Altcoin Season
Summary: According to CoinDesk data, XRP, DOGE, and Solana's SOL have dropped by about 5% in the past 24 hours, leading the top ten cryptocurrencies. Since Wednesday's peak, XRP and DOGE have fallen by 18%, while SOL dropped by 12%. In contrast, Bitcoin (BTC) only fell by about 3% from its midweek high of $120,000 to ...
According to CoinDesk data, XRP, DOGE, and Solana's SOL have dropped by about 5% in the past 24 hours, leading the top ten cryptocurrencies. Since Wednesday's peak, XRP and DOGE have fallen by 18%, while SOL dropped by 12%. In contrast, Bitcoin (BTC) only fell by about 3% from its midweek high of $120,000 to $116,000, and Ethereum (ETH) dropped by 4%. Coinbase analyst David Duong stated in a report that the altcoin market is experiencing a recent pullback due to excessive leverage. The Coinglass Altseason Index dropped from 59 on Monday to 41 on Friday, but the altcoin market (excluding stablecoins) has nearly doubled in market value since April. Bitcoin dominance fell below the 200-day moving average, which could lead to continued outperformance of altcoins over Bitcoin, similar to the trend in 2021. Duong advised investors to wait for more closing confirmations before positioning themselves cautiously.
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Link: Coinbase Analyst: XRP, DOGE, SOL Lead Cryptocurrency Market Decline, But BTC Dominance Drop May Sustain Altcoin Season [Copy]
