While some analysts claim that we are already in an altcoin rally, others suggest that the altcoin rally has not yet started.
While there is no consensus on whether an altcoin rally has begun at this point, CryptoQuant analyst shared an event that has not even been seen in previous altcoin rallies.
Investors Turn to Altcoins Instead of Bitcoin!
The analyst said that according to the data, Binance Altcoin Volume Share reached an all-time high of 82.3 percent.
According to the analyst, the proportion of altcoins in the Binance futures market has surpassed 82% for the first time. This means that altcoin trading is more active than the Bitcoin (BTC) futures market.
According to this data, investors are turning to altcoins in the expectation of higher returns in the short term.
Stating that this level was not seen even in the last altcoin rally in 2021, the analyst said that even during that period, the altcoin volume share on Binance increased to a maximum of 76 percent.
Even during the uptrend in 2021, altcoin share failed to reach this level. In May 2021, Altcoin Trading Volume reached its highest level of 76%, and this period was dubbed as ‘altcoin season’ in the market.
According to this figure, investors clearly prefer to trade altcoins rather than Bitcoin futures, the analyst said, adding that altcoin activity has never been this dominant before.
Finally, the analyst added that altcoins such as Astar (ASTR), Xplore (XPL), Astar (ASTR), Solana (SOL), and PumpDotFun (PUMP) are seeing significant investor interest.
“Investors are anticipating greater opportunities or profit potential in altcoin futures compared to Bitcoin. For example, XPL, ASTR, Solana (SOL), and PUMP led the increase in trading volume.”
*This is not investment advice.