News about the upcoming altcoin season is spreading like wildfire. Since the beginning of June, Bitcoin has been extremely stable due to its price-performance ratio, sometimes even humorously referred to as stablecoin. Although this is the case, other digital assets in the market began to play their way. In the past, Bitcoin has always maintained dominance over these cryptocurrencies. But the situation is completely different at the time of writing.

Other news about the upcoming altcoin season: 60% of Binance's volume came from altcoins

Looking at the attached graph, it can be observed that the dominance of Bitcoins (orange) has been gradually declining since it reached its maximum in the first week of May this year. On the contrary, since the beginning of 2020, the dominance of altcoins has increased by a huge 75 percent.

Binance Futures and altcoin contracts

According to a recent Binance report, the recent recovery in the altcoin market is now largely due to a sharp increase in trading in alcoin permanent contracts on various exchanges. Since the beginning of the month, the total volume of futures contracts for altcoins has increased from $ 2 billion to an incredible $ 5.1 billion, a 150% increase in less than 3 weeks.

Before drawing any conclusions, it is important to realize that the derivatives market does not affect the prices of altcoins. The report further states that the Binance crypto exchange was the main player in the market for futures contracts for altcoins.

“The market share has increased from 19% to 41% since mid-June. In contrast, Huobi, which came in second with a market share of 31%, noted that its share of the altcoin futures market fell from 51% to 31% over the same period. “

The upcoming altcoin season? CZ also thinks so

Although the altcoin season (altseason) is a term that is mentioned with some regularity in the crypto community, the main proponents rarely agree or accept allotment-led rally, which they pejoratively call “shitcoins”. However, according to Binance CEO Changpeng Zhaa, the current market could be powered by altcoins.

In a recent interview, CEO Binance said that more than 60 percent of the trading volume in the last month came from altcoins, an interesting development since the BTC value on the charts stabilized.

Statements by crypto personalities such as CZ suggest that the positive sentiment around altcoins is currently quite high, which could lead to a bull run in the next few months.

Do the news about the upcoming altcoin season leave you cold or are you getting ready?

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Margharet Tess

Editor, Developer at Cryptheory Labs

I have been active in the cryptocurrency world for over 6 years, during which I have written countless articles about this sector. What fascinates me most about cryptocurrencies is their technological aspect and the problems they aim to solve. In the past three years, I have ventured into app development and am currently working on a larger project called P2E Buzzer. Stay tuned for the surprise. 🙂 My previous experiences: Business2Community.com, TradingPlatforms.com

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