Is the altcoin season finally here?

• The Altcoin quantity is as much as 67%.
• Bitcoin and Ethereum nonetheless command over 70% of the final market.

These days, there was an increase within the buying and selling quantity of altcoin. How does this improve in quantity examine to the buying and selling volumes of Bitcoin [BTC] and Ethereum [ETH]? Moreover, what’s the present market share of BTC and ETH compared to these altcoins?

Altcoin quantity soars to 67%

Current information from Kaiko signifies a noticeable uptrend available in the market share of the altcoin buying and selling quantity since October. This means a big progress within the commerce of those belongings over the previous few months.

As of this writing, the amount reached round 67%, as per the info. In distinction, throughout the identical interval, Bitcoin and Ethereum skilled will increase of 28% and 11%, respectively.

Is #altcoin season approaching?

Altcoin market share of quantity has soared since October, hitting 67% final week. pic.twitter.com/cWEmpZ4key

— Kaiko (@KaikoData) December 6, 2023

Analyzing the 24-hour buying and selling quantity

As per CoinMarketCap information, the overall buying and selling quantity within the final 24 hours was round $68.3 billion as of this writing.

Notably, this quantity has skilled a discount of over 20% as of now. Additional examination confirmed a big impression on the overall market quantity from the Bitcoin and Ethereum buying and selling actions throughout the identical timeframe.

Supply: Santiment

Based on Santiment’s information on the time of writing, the BTC quantity was over $28 billion at press time. Evaluation of the chart additionally confirmed that its quantity was over $38 billion within the earlier buying and selling session.

Moreover, the ETH quantity stood at over $11.6 billion, a lower from over $12.7 billion within the final buying and selling session. 

Supply: Santiment

Combining the buying and selling volumes of BTC and ETH as of now yields a complete of virtually $40 billion. This evaluation signifies that greater than half of the overall buying and selling quantity is attributed to those two belongings.

Bitcoin and Ethereum proceed to exert dominance

The current surge within the costs of Bitcoin and Ethereum has resulted in an augmented dominance of those two cryptocurrencies available in the market, overshadowing the altcoin share.

Based on information from CoinMarketCap, as of this writing, BTC had greater than 53% of the overall crypto market cap.

Moreover, ETH accounted for over 17% of the market share. This means that the mixed market share of BTC and ETH surpasses 70%, leaving altcoins to represent the remaining 30% of the market.

Learn Ethereum (ETH) Price Prediction 2023-24

As of this writing, ETH was buying and selling at round $2,200, having skilled a lack of over 2% in worth on sixth December.

Sadly, the present buying and selling session has not seen a restoration from this decline. Equally, BTC was buying and selling at round $43,200 as of this writing, sharing the identical destiny as Ethereum.