Finst

Market Update: Altseason Gains Momentum

The crypto market is moving sideways today, Wednesday, July 23, but under the surface something is bubbling up: multiple signals point to an acceleration of the so-called Altcoin Season.

By Mike Hesp
• 2 min read
Market Update: Altseason Gains Momentum

The crypto market is moving sideways today, Wednesday, July 23, but underneath something is bubbling up: multiple signals point to an acceleration of the so-called Altcoin Season.

Bitcoin (BTC) remains stable around $118.878 and thus at yesterday's level. Ethereum (ETH), the second-largest crypto, also shows a modest 1 percent gain.

However, if you zoom in on the performance over the past week, a different story emerges. The rise of altcoins is hard to miss. Dogecoin (DOGE) is up 35 percent, Solana (SOL) up 24 percent, and even Ethereum itself has gained 20 percent in value.

Especially ETH is seeing institutional momentum strengthen. The inflow into Ethereum-ETFs is not only hitting record highs but in recent days even surpassing Bitcoin. On Tuesday, July 22, $533 million flowed into the spot ETFs of players like BlackRock, while Bitcoin ETFs saw $68 million in outflows.

No wonder Bitcoin dominance in the overall crypto market has fallen from 64 to 60 percent, as the dominance of Bitcoin wanes.

Disclaimer: This content is for informational purposes only and does not constitute financial, investment, legal, or tax advice. The information provided may be incomplete, inaccurate, or outdated and should not be relied upon as such. Nothing on this website should be considered a recommendation to buy, sell, or hold any cryptocurrency. Investing in crypto-assets involves risk of loss.