Bitcoin's Breakthrough of $120,000 Sparks Surge in Altcoin Market Activity
According to a recent analysis from CryptoQuant, the price of Bitcoin has surged past the historical high of approximately $120,000, significantly boosting activity in the altcoin market, which may indicate that the altcoin season is heating up.
After surpassing $120,000, Bitcoin's market share has been on a downward trend. Meanwhile, Ethereum's price has risen by over 170% in the past four months, and is now just about 21% away from its historical high of $4,871.
Additionally, SharpLink's recent investment actions have drawn widespread attention in the market. With the company investing $1.3 billion, it has accumulated a total of 438,190 Ethereum (ETH). This substantial investment undoubtedly injects new vitality into the Ethereum market and has sparked strong interest from investors in Ethereum.
The trading volume of altcoins and Ethereum futures reached $223.6 billion, a five-month high, accounting for 83% of the total futures trading volume, while Bitcoin only accounts for 17%. At the same time, among the 424 futures trading pairs on Binance, only 23 showed negative values.
Meanwhile, Bitcoin's spot trading volume has declined, and small transactions (under $10,000) have increased by 9.7% within 30 days, indicating a resurgence in retail demand, or suggesting that the Bitcoin and altcoin markets are about to experience further growth.
