The recent surge in altcoin trading volume on Binance indicates a clear manifestation of altseason. Volumes reached a record $100.7 billion, the highest level since February.
Altcoin Trading Volume on Binance
According to crypto analyst Maartunn, altcoins make up 71% of the total trading volume on Binance Futures as of July 22. This fact highlights traders' shifting interest away from Bitcoin towards altcoins.
Bitcoin Movement and Its Impact on Altcoins
Bitcoin has also seen significant net inflows onto exchanges, exceeding 32,000 BTC. This may signal profit-taking by traders and a potential capital rotation towards altcoins. Analysis shows that such inflow spikes often precede BTC corrections, potentially freeing up more capital to flow into altcoins.
Altseason Trends and TRX's Leading Position
Crypto analyst Timo Oinonen notes that only a few tokens may benefit from the current situation, pointing to Tron as an early indicator of a 'selective altseason'. TRX has shown consistent growth since the beginning of the year, breaking away from BTC's movements. The number of contracts deployed has exceeded 43.4 million, suggesting that the upcoming altseason may favor only a few key assets.
With the growing interest in altcoins and increasing trading volumes on Binance, there is a clear shift among traders. The capital rotation keeping altcoins in focus underscores the potential for a new growth period in the cryptocurrency market.
