Altcoins reached 65% of Binance trading volume, their highest share in over two years, as Bitcoin rallied nearly 30%. Altcoins added about $135 billion in market capitalization excluding Ethe
Altcoin trading activity surged as Bitcoin posted nearly 30% gains over several days, according to analyst Darkfost. Altcoins added about $135 billion in market capitalization excluding Ethereum, while their Binance volume share reached 65%. Michael van de Poppe meanwhile expects further Bitcoin gains, but says altcoins could face sharp dips during smaller BTC corrections.
https://twitter.com/Darkfost_Coc/status/2092267895518609673?s=20Darkfost said altcoins overwhelmingly drove trading activity during the rally, putting Bitcoin and Ethereum behind them on Binance. The exchange accounts for nearly 40% of altcoin trading volume across exchanges, according to the analyst.
Altcoins reached 65% of Binance volume at the peak, the highest share seen there over two years. Bitcoin accounted for 21%, while Ethereum represented 13.6% at the same time. The shift came alongside a roughly $135 billion increase in Total2 market capitalization. Darkfost uses Total2 to measure the market while excluding Ethereum.
Michael van de Poppe described Bitcoin's price action as indecisive chop while identifying several levels to watch. He said Bitcoin could reach $82,700 after breaking through $79,500.
Van de Poppe also cited $90,000 as another potential target if the move continues. However, he said Bitcoin had not yet started its next upward run.
His view also covers Bitcoin's effect on altcoins. According to van de Poppe, even a small Bitcoin decline can trigger heavier losses across altcoins.
Van de Poppe said recent Bitcoin weakness has already produced larger declines among altcoins. He previously warned that altcoin dips could become relatively painful when Bitcoin falls. However, he described those declines as opportunities before another upward move.
His comments came as altcoin volume reached its highest Binance dominance in two years. Darkfost also noted prolonged low volatility and subdued trading volume across the market. The latest rally instead placed altcoins at the center of trading activity, reaching 65% of Binance volume.
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