Altcoin deposits to major cryptocurrency exchange Binance have climbed to multi-month highs.
The seven-day transaction count for altcoin inflows surpassed 45,000, reaching its highest level since late 2024.
Despite this uptick in altcoin activity, reflected in increased trading interest, market dominance remains firmly with Bitcoin according to the Altcoin Season Index. The index, which currently sits at 35, underscores Bitcoin’s leading position.
Analysts observe that the surge in altcoin transactions followed Bitcoin’s recent price move past the $112,000 mark. This upward momentum for Bitcoin is seen as a catalyst drawing more attention and trading towards alternative cryptocurrencies.
Market observers suggest the current phase for altcoins could represent an accumulation period, potentially mirroring patterns from previous market cycles that preceded significant price movements.
However, consensus on an imminent ‘altseason’ – characterized by widespread altcoin outperformance of Bitcoin – is lacking. Opinions are divided, with some analysts projecting that only select altcoins will witness substantial gains while others may lag, instead of a broad-based rally across the sector.