- The Altcoin volume is up to 67%.
- Bitcoin and Ethereum still control over 70% of the overall market.
Recently there has been an increase in trading volume altcoin. How does this volume increase compare to Bitcoin trading volumes [BTC] and ether [ETH]? Furthermore, what is the current market share of BTC and ETH compared to these altcoins?
Altcoin Volume Rises to 67%
Recent data from Kaiko indicates a noticeable upward trend in altcoin trading volume market share since October. This implies significant growth in trading of these assets over the past few months.
At the time of writing, volume reached approximately 67%, according to the data. In contrast, during the same period, Bitcoin and Ethereum saw increases of 28% and 11% respectively.
Is #altcoin season approaching?
Altcoin’s market share has soared since October, reaching 67% last week. pic.twitter.com/cWEmpZ4key
— Kaiko (@KaikoData) December 6, 2023
Analyze the 24-hour trading volume
From CoinMarketCap According to data, the total trading volume in the last 24 hours at the time of writing was approximately $68.3 billion.
It is striking that this volume has fallen by more than 20% from now on. Further research revealed that Bitcoin and Ethereum trading activity had a significant impact on the overall market volume within the same time frame.
Source: Santiment
According to Santiment data at the time of writing, BTC volume at the time of writing was over $28 billion. Analysis of the chart also showed that volume during the previous trading session was over $38 billion.
Additionally, ETH volume was over $11.6 billion, down from over $12.7 billion in the last trading session.
Source: Santiment
Combining the trading volumes of BTC and ETH currently 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 rise in the prices of Bitcoin and Ethereum has resulted in greater dominance of these two cryptocurrencies in the market, overshadowing the altcoin share.
According to data from CoinMarketCap, BTC held over 53% of the total crypto market capitalization at the time of writing.
Moreover, ETH accounted for more than 17% of the market share. This implies that the combined market share of BTC and ETH exceeds 70%, making altcoins the remaining 30% of the market.
Read Ethereum (ETH) Price Prediction 2023-24
At the time of writing, ETH was trading around $2,200, having suffered a loss of more than 2% in value on December 6.
Unfortunately, the current trading session has not seen a recovery from this decline. Likewise, BTC was trading around $43,200 at the time of writing, sharing the same fate as Ethereum.