‘Altcoin Season May Come Soon:’ Binance Research Report

Bitcoin News

Binance’s research department suggests that a so-called alt season may be approaching the cryptocurrency market.

Reduced Bitcoin trading

Binance Research, the market research arm of major cryptocurrency exchange Binance, released a report on Mar. 6 suggesting that the altcoin market will see renewed activity.

Bitcoin trading volume dominance decreased from 40% to 27% in February, which the researchers recognize as one of the sharpest month-over-month changes. The researchers suggest:

“If this trend were to continue, it would signify a greater appetite for altcoins from market participants.”

Ethereum sees renewed interest by traders

Furthermore, interest in Ether (ETH) trading steeply rose, with a total monthly volume increase of +158.6%. The aggregate spot trading volumes also increased by 69% in daily average compared to January. Overall, February was a month of great volatility for the cryptocurrency market:

“The top event of the month was ETHDenver, with many hackathon projects on Ethereum building various projects. Many of them highlighted Ethereum’s pending switchover to Proof-of-Stake and the composability of smart contracts built on top of each other.”

Ethereum seems to be enjoying renewed interest by traders and investors. As Cointelegraph reported earlier today, whales appear to be accumulating Ether, with the percentage of ETH supply controlled by the top 100 wallets standing near 25%.

Products You May Like

Articles You May Like

StarkNet makes Cairo 1.0 open source in first step toward community control
WEMIX token plunges 70% after it’s delisted by Korean exchanges
Here’s why $16.5K is critical for November’s $1.14B Bitcoin options expiry
Binance makes moves in hardware wallet industry with new investment
Argentina’s fan token sinks 31% after World Cup loss against Saudi Arabia

Leave a Reply

Your email address will not be published. Required fields are marked *