Altcoin Market Correction Amidst Recession Fears: Could Recovery Be Near?

The cryptocurrency market experienced a downturn today, with leading altcoins like Ethereum, Solana, and Cardano witnessing sharp price drops. The Altcoin Index plummeted to a concerning 14/100, reflecting widespread weakness across the sector. Meanwhile, Bitcoin’s dominance surged to 62%, indicating capital shifted from altcoins to Bitcoin. This decline is largely attributed to fear, uncertainty, and doubt (FUD), fueled by recession rumors, low liquidity, and aggressive short selling.