- The Altcoin volume is up to 67%.
- Bitcoin and Ethereum still command over 70% of the general market.
Lately, there has been a rise in the trading volume of altcoin. How does this increase in volume compare to the trading volumes of Bitcoin [BTC] and Ethereum [ETH]? Additionally, what is the current market share of BTC and ETH in comparison to these altcoins?
Altcoin volume soars to 67%
Recent data from Kaiko indicates a noticeable uptrend in the market share of the altcoin trading volume since October. This implies a significant growth in the trade of these assets over the past few months.
As of this writing, the volume reached around 67%, as per the data. In contrast, during the same period, Bitcoin and Ethereum experienced increases of 28% and 11%, respectively.
Is #altcoin season approaching?
Altcoin market share of volume has soared since October, hitting 67% last week. pic.twitter.com/cWEmpZ4key
— Kaiko (@KaikoData) December 6, 2023
Analyzing the 24-hour trading volume
As per CoinMarketCap data, the total trading volume in the last 24 hours was around $68.3 billion as of this writing.
Notably, this volume has experienced a reduction of over 20% as of now. Further examination showed a significant impact on the total market volume from the Bitcoin and Ethereum trading activities within the same timeframe.
Source: Santiment
According to Santiment’s data at the time of writing, the BTC volume was over $28 billion at press time. Analysis of the chart also showed that its volume was over $38 billion in the previous trading session.
Additionally, the ETH volume stood at over $11.6 billion, a decrease from over $12.7 billion in the last trading session.
Source: Santiment
Combining the trading volumes of BTC and ETH as of now yields a total of almost $40 billion. This analysis indicates that more than half of the total trading volume is attributed to these two assets.
Bitcoin and Ethereum continue to exert dominance
The recent surge in the prices of Bitcoin and Ethereum has resulted in an augmented dominance of these two cryptocurrencies in the market, overshadowing the altcoin share.
According to data from CoinMarketCap, as of this writing, BTC had more than 53% of the total crypto market cap.
Additionally, ETH accounted for over 17% of the market share. This implies that the combined market share of BTC and ETH surpasses 70%, leaving altcoins to constitute the remaining 30% of the market.
Read Ethereum (ETH) Price Prediction 2023-24
As of this writing, ETH was trading at around $2,200, having experienced a loss of over 2% in value on 6th December.
Unfortunately, the current trading session has not seen a recovery from this decline. Similarly, BTC was trading at around $43,200 as of this writing, sharing the same fate as Ethereum.