Altcoins Dominate Binance Trading Volume Amid Crypto Rally
Altcoin trading volume spiked to its highest share of Binance activity in two years last week, accounting for 65% of all trades. Bitcoin and ether trailed behind, holding just 21% and 13.6% of that same volume.
The surge came as the broader crypto market rallied, with altcoin market capitalization increasing by around $135 billion during the same period. The total crypto market added nearly $500 billion, bringing its combined value to close to $2.74 trillion by the third week of August.
Despite the volume spike, however, regulators and analysts remain cautious. The Blockchaincenter Altcoin Season Index sat at 37 on August 26, far short of the 75 threshold needed to confirm a genuine altcoin season.
The contrast with recent history highlights how quickly sentiment can shift in crypto markets. Two months earlier, a separate Cryptoquant report found that bitcoin-to-altcoin rotation had mostly disappeared.