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The altcoin market is pulling back from its recent highs, and a top analyst believes the reason is hiding in an unexpected place: the gold market. According to Michaël van de Poppe, a powerful breakout in the price of gold could be signaling a short-term capital rotation away from risk-on assets like crypto.

The altcoin market cap, excluding the top 10 cryptocurrencies, is showing signs of recovery, with its recent correction being significantly less severe than in previous cycles, according to a new analysis by the respected chart analyst Rekt Capital.

Bitcoin experienced volatility on Friday following the airstrike by Israel on Iran. The intensification of conflicts shook the world markets, resulting in substantial corrections for the cryptocurrencies. Bitcoin, which was above $107,000 since June 9, briefly fell under $103,000. At the time of press, BTC is at , showing a 2.23% decrease over the last 24 hours.