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Altcoin season discussions continue as the crypto market enters fear territory.
Crypto market sentiment has shifted to fear, with sentiment sources indicating that investors are temporarily backing away from moving lower on the risk curve.
It's clear that investors are showing less interest in obscure altcoins and are instead debating which major asset will break out next.
The crypto market appears to be increasingly focused on larger-cap crypto assets like Bitcoin (BTC), Ether (ETH), and XRP (XRP). The heavy focus on large-cap coins could indicate a more cautious or risk-averse sentiment among investors.
Bitcoin's price "remains unstable"
This comes amid growing calls from investors for an altcoin season. However, this may not come until more crypto ETFs are likely launched later this year.
Meanwhile, on Sunday, the Crypto Fear & Greed Index, which measures overall crypto market sentiment, recorded a "Fear" score of 44 after a "Neutral" reading the previous two days.
Some investors are also questioning the short-term direction of large-cap assets. Crypto investors say Bitcoin's price "remains unstable."
Bitcoin fell 5.38 percent for the month, while Ether rose 9.44 percent.
However, other indicators suggest the market is still moving down the risk curve.
"The latest shakeup for altcoins," says investor
On Sunday, the Altcoin Season Index recorded an "Altcoin Season" score of 56 out of 100. The indicator oscillates between Altcoin Season and Bitcoin Season depending on how the top 100 altcoins have performed against Bitcoin over the past 90 days.