The altcoin market has recently shown signs of recovery, but its performance remains highly divergent and has not yet broadened significantly. Bitcoin's market share remains high at 58.85%, the total market capitalization of cryptocurrencies is approximately $2.33 trillion, and the Altcoin Season Index is 52, still below 75, which is typically considered a confirmation of an altcoin season.
ONDO and BANK led the gains.
In this rebound, funds mainly flowed to a few tokens with clear catalysts. ONDO rose by 15% to 18% in mid-July. Driving factors included Ondo Finance's mention of its tokenized stock plan and its partnership with Japan's SBI Group to promote the tokenization of Japanese assets. According to the data in the article, ONDO has accumulated a gain of approximately 101% since its launch, but it is still about 81% lower than its high point in December 2024.
Lorenzo Protocol's bank saw even more volatile price movements, trading between $0.1209 and $0.2541 at one point. Despite a 26.4% drop from its July 21 high, the token is still up over 1000% from its June low.
- ONDO has risen by approximately 101% since its launch.
- BANK has risen more than 1000% from its June low.
- The Bank of America has fallen 26.4% from its high on July 21.
Changes in on-chain funds and holdings are attracting attention.
The market is also paying attention to large on-chain transfers and position changes. The report mentioned that a transfer of 84 million BANK has sparked discussion due to its suspected connection to the foundation's wallet, but there has been no official confirmation. Meanwhile, World Liberty Financial purchased 636,683 BANK.
By July 22, short interest on BANK had increased while open interest had decreased, indicating that some funds were beginning to lock in profits. Regarding on-chain data, analyst Ali Martinez stated that whales had accumulated over 14 million LINK tokens in three weeks. ENA rose 17% after a bullish signal appeared, with the article mentioning $0.13 as the next target for the market.
Most new coins are still below their issue price.
Despite the strong performance of a few individual tokens, the overall altcoin market remains weak. CryptoRank statistics show that of the 113 major tokens issued since 2024, only 8 are still above their issue price, with a median return of -95.7%. Hyperliquid leads the pack with a 1519% increase, followed by ONDO with 101.4%.
Analysts are also continuing to monitor other major altcoins. The article mentions that if SOL can hold above $70, it may have further upside potential; AVAX, SUI, ARB, UNI, AAVE, ETHFI, NEAR, and ZEC are also on the market watchlist. On the other hand, Solana ETF inflows turned positive in July, after net outflows in June.
Overall, current gains are concentrated on individual tokens driven by thematic catalysts, improved ETF funding, or increased holdings by whales. As long as liquidity doesn't spread further and Bitcoin's market share doesn't decline significantly, the market is closer to a "selective rebound" than a full-blown altcoin season.
