These altcoin indicators are showing positive development
Ethereum has been the leader of this altcoin wave, with a market capitalization second only to Bitcoin. Since Bitcoin reached its peak, Ethereum has broken through the $3,000 mark and is approaching $4,000. Although it is still some distance from its historical high of $4,800, it is gradually getting closer.
The hype around cryptocurrencies is accompanied by a large purchase of Sharplink, which is the strategic equivalent of ETH. The company currently holds about 438,190 tokens of this asset.
Since the altcoins started to rise, BTC has been showing sideways movement. The natural consequence of this is that the leading digital asset has lost its market dominance.
As usual, the bullish momentum in the market has attracted speculative interest from investors. As shown in the chart below, the futures trading volume related to Ethereum and altcoins has surged significantly.
The total trading volume of the altcoin sector has recently reached $223.6 billion, marking the highest level in five months. While attention is shifting towards altcoins, Bitcoin is gradually being replaced by other cryptocurrencies.
"Altcoins and ETH currently account for 83% of total futures trading volume, while Bitcoin only accounts for 17%." Earlier this year, BTC's futures trading volume peaked at over 50%. Among the 424 futures pairs on the cryptocurrency exchange Binance, most have shown positive percentage changes since BTC hit its all-time high.
The last indicator is Bitcoin retail investor demand. As the name suggests, it measures the demand from the retail investor group for this asset.
Due to the relatively small holdings of these holders, this indicator uses trading volume related to transfers valued below $10,000 as a proxy for activity among them.
As shown in the chart above, the 30-day change in Bitcoin retail investor demand has recently turned positive, indicating that retail investors are showing interest in the market. The analysis firm describes this trend as "a signal we see before Bitcoin and altcoins surge significantly."
ETH Price
At the time of writing, the price of Ethereum is approximately $3,770, having increased by about 2% in the past 24 hours.
