The data on the chain shows that the altcoin volume saw an explosion after Bitcoin’s latest high and binance accounted for most of it.
Binance Altcoin Spot Trading Volume saw a significant jump recently
In an dashboard dropAnalytics Cryptoquant on the chain has talked about how spot trade volume in the Cryptocurrency sector changed after BTC’s All-Time High (ATH).
Spot trade volume Here, of course, refers to the total amount for a given asset or a group of assets involved in trading activities at the centralized spot exchange.
First, here is a chart showing the trend in the metal for bitcoin:
How the BTC spot trading volume has changed on Binance and other exchanges | Source: CryptoQuant
As shown in the graph above, Bitcoin Spot Trading Volume observed a huge increase when the price of the asset put its ATH, which indicates that traders increased their operations.
The volume grew proportionally between Binance And the rest of the exchanges during this flocking in activity, but a shift followed the days after ATH: The volume dropped on the other exchanges while it remained relatively good at Binance. This meant that the platform’s dominance steps.
“Binance’s share of Spot Trading Volume grew from 39% the day before to All-Time High, to 48% the next day of All-Time High,” Cryptoquant notes. The platform’s dominance has remained strong since, although the total volume has decreased on both it and the rest of the platforms.
While BTC Spot Trading Volume may have cooled down, the other side of the Cryptocurrency sector, which consists of altcoins, thrived.
Looks like volume related to the altcoins has spiked in recent days | Source: CryptoQuant
As can be seen in the diagram, Altcoin Spot trading volume also jumped over Binance and the rest of the platforms when BTC put its ATH, but unlike digital access, Alts did not follow a remarkable reduction in the activity.
This trend has accompanied a difference between the prices of BTC and the others. Assets such as Ethereum (ETH), XRP (XRP) and Dogecoin (Dogge) have postponed, while Bitcoin has moved sideways.
Just as in the case of BTC, Binance witnessed that its Altcoin site volume grows the days after the price ATH. “Binance dominated the Altcoin Spot Trading Volume’s days after BTC reached its highest time, with the exchange’s share that was as high as 49% on July 18,” says the analytics company.
Bitcoin price
Bitcoin has not shown any signs of a movement in any direction as its price is still traded around $ 118,000.
The price of the coin seems to have been locked in sideways movement recently | Source: BTCUSDT on TradingView
Image from Dall-E, Cryptoquant.com, diagram from tradingview.com
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