The Altcoin Season Index has dropped from 80 to 69 as the cryptocurrency market undergoes a correction, with Ethereum leading the long liquidations. Bitcoin's dominance has increased to nearly 59%, indicating a relative underperformance by altcoins. Over $530 million in long liquidations were triggered, with Ethereum alone accounting for $220 million. Analyst Michael van de Poppe views the current market weakness as a buying opportunity, though some critics argue that the 2021 altcoin season model is outdated. Other altcoins, including Solana, Dogecoin, and Cardano, experienced corrections exceeding 5%.