Altseason in Full Swing? These CryptoQuant Charts Point to Yes
Main Idea
The altcoin market, led by Ethereum, is experiencing significant growth, with increased trading volume and declining Bitcoin dominance, signaling a potential altcoin season.
Key Points
1. Ethereum (ETH) has surged 170% from recent lows and is now approximately 23% below its all-time high of $4,871.
2. Altcoins are seeing heavy trading, with futures volume spiking to $223.6 billion, a level not seen in five months.
3. Bitcoin dominance has fallen to roughly 58% of the total market share, down from 61% a few months ago.
4. The altcoin sector accounts for 83% of centralized exchange (CEX) futures activity, while Bitcoin sits at 17%.
5. Retail demand is rising, with BTC transactions under $10,000 increasing by 9.7% in 30 days, a signal that often precedes major rallies.
Description
The long-awaited altcoin season is finally here, said CryptoQuant. The altcoin market, led by Ethereum, is heating up, while Bitcoin takes the back seat. This market shift is evident in charts tracking trends on Ethereum, Bitcoin, and metrics like trading volume and crypto dominance. In addition, these charts show increased participation from certain cohorts of investors as the bull cycle progresses. Altseason Has Arrived According to a series of tweets from CryptoQuant, ether (ETH) has surged 1...
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