Binance Research suggests that a so-called alt season may be approaching the cryptocurrency market.
On March. 6, Binance Research, the market research arm of major cryptocurrency exchange Binance, released a report suggesting that the altcoin market will see renewed activity.
Bitcoin trading volume dominance decreased from 40% to 27% in February, which the researchers recognize as one of the sharpest month-over-month changes.
The researchers suggest:
“If this trend were to continue, it would signify a greater appetite for altcoins from market participants.”
Furthermore, interest in Ether (ETH) trading steeply rose, with a total monthly volume increase of +158.6%. The aggregate spot trading volumes also increased by 69% in daily average compared to January. Overall, February was a month of great volatility for the cryptocurrency market:
“The top event of the month was ETHDenver, with many hackathon projects on Ethereum building various projects. Many of them highlighted Ethereum’s pending switchover to Proof-of-Stake and the composability of smart contracts built on top of each other.”
Ethereum seems to be enjoying renewed interest by traders and investors. Whales appear to be accumulating Ether, with the percentage of ETH supply controlled by the top 100 wallets standing near 25%.
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