Ethereum Sparks the Rally, Solana Takes the Baton: Is Altcoin Season Here?

Main Idea
The crypto market is experiencing a shift towards high-beta assets like Ethereum and Solana, with significant capital inflows and price surges, signaling a potential altcoin season.
Key Points
1. Ethereum (ETH) has risen over 55% from early July, with whales and institutions purchasing $2.6 billion worth of ETH, and ETH spot ETFs seeing $297 million in inflows on July 21.
2. Solana (SOL) has increased by 29.6%, with ecosystem tokens like RAY, PENGU, JUP, and AI16Z also showing notable gains.
3. Bitcoin's dominance has dropped to 60.1%, a low since March, while the Altcoin Season Index has risen, indicating a shift towards altcoins.
4. QCP Capital suggests an altcoin season may be underway, with the Altcoin Season Index reaching its highest level since December 2024.
5. Contract whale James Wynn predicts a Bitcoin rally to $145,000 by late July, followed by a correction to $110,000 and a strong altcoin bull market in the next 1-2 months.
Description
After Bitcoin surged past its all-time highs, the spotlight in crypto markets has quietly shifted to high‑beta assets like Ethereum and Solana . On‑chain metrics and capital flow signals suggest that an altcoin‑led market cycle may already be underway. Ethereum and Solana Show Strength as Major Capital Rushes In Ethereum and Solana have recently stood out in market performance. Data from HTX shows Ethereum(ETH) has risen from around 2,474 USDT in early July to a peak of 3,857 USDT, an increase e...
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