Binance has just reported that altcoin trading volumes have skyrocketed to 78%, so now the question is will we get an altcoin bull market?
Alt’s rule
Popular crypto analyst Burakkesmeci shared that the dominance of altcoin trading on Binance has jumped from 50.8% in May 2024 to 77.83% as of January 2025.
That’s an increase of about 11% in just five months, so with retail investors showing more interest, it looks like alts are gearing up for some serious momentum in the coming months.
Burakkesmeci noted that this growth reflects a growing confidence in the altcoin market. He pointed out that as more traders flock to altcoins, we could be on the brink of a strong bull market.
What’s happening with Bitcoin?
Now, while alts are gaining some ground, Bitcoin is still holding its own. The Fear and Greed Index currently leans toward Bitcoin Season, with a score of 46 out of 100.
This means that while alts are rising, Bitcoin still has a strong presence in the market, with its dominance sitting at 57%.
Traders typically watch for a drop in Bitcoin dominance as a sign that an altcoin season might be starting, but right now, Bitcoin’s share of the total crypto market cap is actually up by 2.41% over the last month.
Ether will steal the show?
Another trader, Mister Crypto has predicted that Ether could see a jump from $4,000 to $8,000 in the near future, and if Ether starts climbing, it could signal a bigger rally for the alt market.
The Ethereum pump from $4k to $8k will happen in a matter of weeks.
Once we break that resistance, we will teleport.
— Mister Crypto (@misterrcrypto) January 11, 2025
As of now, Ether is trading at around $3,279, but with all this talk of potential price increases, traders are keeping a close eye on it.
Industry experts are clearly optimistic about what’s next for altcoins. Bitwise Invest CEO Hunter Horsley expressed his excitement for the leaps Bitcoin and crypto could make this year.
I am so fired up for the leap forward Bitcoin & crypto are going to make this year.
— Hunter Horsley (@HHorsley) January 12, 2025
Meanwhile, Ki Young Ju from CryptoQuant cautioned that this cycle might look different from previous ones.
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