The altcoin season will come, suggests Binance Research
Binance’s research department, one of the most important cryptographic exchanges in the world, suggests that the so-called “altcoin season” may soon be felt on the market.
Reduced Bitcoin trade = altcoin season
Binance Research, the market research department of Binance itself, published its new report exactly on 6th March. The company’s experts suggest that the altcoin season will return. And this despite the fact that so far this part of the market has proved to be a little disappointing for breeders.
Now the dry data show that the situation can quickly turn around. The dominance of the Bitcoin trade volume fell in February from 40 percent to 27 percent. Investors are jumping from BTC to alternative cryptocurrencies. Binance employees also consider this to be one of the sharpest changes from month to month. They suggest:
“If this trend continues, it would mean a greater appetite for altcoins among market participants.
The biggest altcoins will certainly benefit from this. Among these, ETH and XRP, the Ripple token, dominate.
What more, the interest and turnover of Ether himself (ETH), the cryptic Ethereum, has already increased rapidly. Recently, we have seen a considerable monthly increase in volume on this market – we are talking about a jump of 158.6 percent. Anyway, this also translates into an interest in events in real life:
“The most important event of the month was the ETHDenver, where many hackathon projects based on Ethereum created different projects. Many of the experts have highlighted the upcoming transition of Ethereum to Proof-of-Stake (…)”.
It seems that Ethereum and its Ether token are once again of great interest to investors. As media reports and analysts note, whales on the market seem to be gathering Ether. The sheer percentage of ETH supply controlled by the 100 largest portfolios on the network increased by 25 percent.