Fear still looms over the altcoin season, but the edge of panic has subsided. The Crypto Fear and Greed Index is now at 25, a modest recovery from November’s plunge near 10, but the mood remains volatile and traders continue to move with hesitation rather than conviction.
Bitcoin sits just above $91,000 after falling steadily from yesterday’s $92,000, a 2% decline over 24 hours.
Altcoins operate in this same heavy climate. Most of the big names are in the red today, liquidity remains present, but flows are oriented towards defense, and new capital prefers short-term transactions to long-term commitments.
In this context, Zcash is one of the few popular tokens in positive territory, while Ethereum, Solana and Hyperliquid follow the downward trend, giving a clear overview of where capital is still experimenting and where it is pulling back.
Bitcoin and sentiment after the November shock
Bitcoin continues to dictate the tone. Derivatives analyzes show reduced leverage on both long and short positions, while spot flows lean toward sellers continuing to reduce exposure after several weeks of steady declines.
The price action gives the impression of a market still seeking stability and not one ready for a rapid reversal.
Bitcoin Price (Source: CoinMarketCap)
Ethereum, Solana and Hyperliquid follow the withdrawal
Major altcoins are following this direction. Ethereum is trading near $3,090 after dropping around 2.5% in 24 hours, with order book activity showing more supply than demand at current levels. Solana sits near $134 after a 5.5% decline, extending the cooldown that began as traders reduced their exposure to high-beta assets.
Hyperliquid is trading around $31, down about 8%, and activity on its perpetual pairs has slowed from the pace seen in early November. These combined moves show how wide the retracement remains, even as volatility calms compared to last week.
Zcash bounces back from its November peak
Zcash breaks the trend. ZEC is trading near $384, up about 10% in 24 hours, marking one of the few gains among the big liquid names. The token has fallen steadily since its November high near $700, but recent market data shows more active positioning at current levels and enough liquidity across all venues to support a modest rebound.
The move is not a new uptrend in itself, but it demonstrates how privacy-focused tokens can attract interest during quieter defensive phases, when traders look for assets with a historical pattern of occasional outperformance.
What this phase means for Altcoin season
The current market still lacks the conditions for a broad altcoin season. Sentiment has improved from last week’s extreme lows, but positioning remains conservative and flows continue to focus on larger, more liquid assets.
Until Bitcoin can stabilize over a longer period and macroeconomic uncertainty subsides, the rotation will likely remain narrow and sporadic. For now, the market is in a phase where single tokens can rise according to their own dynamics, but the overall environment still leans towards caution rather than a full risk recovery.
The article Crypto Winter Deepens as Altcoin Season Halts and Only Zcash Handles a Lift appeared first on Cryptonews.
