Bitcoin’s recent drop to 112,000 USD occurred after it hit an all-time high of 123,100 USD in July. The OTHERS index, which tracks altcoins beyond the top 10, fell 18.7% before a minor recovery, reflecting caution in higher-risk market segments. Amid these fluctuations, attitudes towards altcoins could shift.
Despite current declines, analysts like Ted express optimism, viewing this as a potential buying opportunity for utility altcoins. The CoinMarketCap Altcoin Season Index, which previously indicated a favorable altcoin market, dropped to a ‘Bitcoin Season’ status, highlighting the shifting focus among investors.
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