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Privacy focused and gold backed tokens dominated selective altcoin gains.
Arthur Hayes argued altcoin season evolved rather than disappearing entirely.
Bitcoin surged past one hundred twenty six thousand dollars globally.
Traditional broad based altcoin rallies failed to materialise this cycle.
Hayes said investors holding wrong assets misread market dynamics today.
He described markets as nuanced decoupled and driven by narratives.
Sector specific rallies replaced synchronised market wide surges globally today.
Analysts warned against chasing peaks urging early narrative positioning instead.
Hyperliquid and Solana were cited as emerging narrative leaders assets.
Altcoin Season Index remained low reinforcing scepticism among critics globally.
Some executives proposed an ETF driven altcoin liquidity cycle thesis.
Performance data showed niche winners contradicting broad disappointment across markets.
Zcash emerged top performer benefiting from revived privacy narrative interest.
Monero also gained strongly before wider privacy momentum faded later.
Exchange tokens posted gains following burns and platform growth announcements.