Bitcoin is gaining momentum, setting new records. Meanwhile, altcoins such as Ethereum remain below their previous peaks. Analysts anticipate changes in their dynamics.
Bitcoin Sets New Records
Bitcoin (BTC) has set a new record, surpassing its previous ATH and reaching $111,900. This event marks a series of new ATHs expected to follow.
Current State of Altcoins and Analysis
Despite Bitcoin's successes, many altcoins including the largest one, Ethereum (ETH), still trade below their previous highs. Analyst Axel Adler shared his observations, noting that the average monthly trading volume of altcoins has recently been at $1.6 billion, which is lower than the annual average of $2.5 billion.
Expectations Ahead of Altcoin Season
The analyst pointed out that these trading volume levels indicate consolidation and increased accumulation potential for altcoins ahead of the next altseason. Historically, low trading volumes have typically preceded significant price increases in altcoins.
The current state of the cryptocurrency market shows Bitcoin continuing to set records, while altcoins gear up for potential growth. Investors are keenly observing volume changes.