Glassnode Co-Founder: "Altcoins May Be Ending Season Following BTC Recovery"

Pointing out the downward trend of altcoins due to the decline of BTC and the rise of BTC dominance
"If altcoins fail to recover BTC to $100,000, the altcoin season will end as it is"

"If BTC fails to recover to $100,000, the short-lived altcoin season may come to an end."

The founders of the on-chain analysis platform Glassnode recently pointed out that the sudden decline of altcoins could mean the end of a brief bullish period.

Negentropic, the joint operation account of Glassnode's co-founders, posted an article on the 22nd titled "Has the altcoin season ended?", arguing that altcoins could fall back after a short-lived bullish run.

Negentropic noted the recent BTC decline, the rise of BTC dominance, and the downward trend of altcoins.

Negentropic stated, "After BTC fell from $100,000, BTC dominance has surged, and major support levels for altcoins are being broken."

Negentropic cited BTC's recovery and stabilization above $100,000 as a key factor for the continuation of the altcoin season.

Negentropic emphasized, "If BTC stabilizes above $100,000, capital will accumulate in altcoins in that zone. However, if BTC fails to recover $100,000, BTC will continue to absorb dominance, and altcoins will keep declining."

Reporter Kwon Seung-won ksw@blockstreet.co.kr