Increase in Altcoin and Ethereum Market Share
You may find it interesting that a recent report from Kaiko, a top market data provider, reveals that the market share of altcoins and Ethereum spot volume compared to Bitcoin has reached 60%, marking the highest level in over a year. This is a significant increase from August when the market share volumes were at 55%, with Bitcoin dominating previous months.
Market sentiment towards Ethereum and other altcoins has been in the spotlight lately due to ETF news and the Federal Reserve’s interest rate decision. Kaiko’s data also shows that ETH/BTC ratio reversed following BlackRock’s filing for a spot ETH ETF, leading to double-digit pumps in several altcoins.
A Shifting Market Cycle
Contrary to last month, when Bitcoin surged by nearly 10% to surpass $19,500 while major altcoins like Ethereum experienced a downward trend, the current disparity between Bitcoin and altcoins is seen as part of the current market cycle by crypto analyst Jason Pizzino. These numbers suggest that the return of risk-on and “old times” are now imminent.
Hot Take: Altcoin and Ethereum Market Share Rising Signals Imminent Return of “Old Times”
The recent surge in altcoin and Ethereum market share compared to Bitcoin indicates an upcoming shift in the market cycle, with potential implications for investors and traders. As market sentiment continues to be influenced by ETF news and regulatory decisions, it’s essential to stay informed about these developments and their impact on cryptocurrency markets.
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