A pile of crypto coins
The altcoin market doesn’t look good at the moment, but data and expert opinions have a different take on it.
According to Binance data shared by CryptoQuant on 30 September, the Altcoin Volume Share has hit an all-time high of 82.3%.
CryptoQuant analyst Martunn compared the new all-time high to the 2021 bull market in which he said the altcoin trading volume only got to 76%, implying that the altcoin season this time could be bigger.
Hope for alt season comes alive
The Binance Altcoin Volume Share is an index that tracks the trading volume of altcoins compared to Bitcoin.
The Altcoin Volume Share hitting a new all-time high is therefore an indication that there are many more investors trading altcoins, similar to a lower Bitcoin dominance which gives altcoins a bigger market share.
There are several predictions about the altcoin season coming in this bull market, but the current market doesn’t yet look like it.
After the recent correction which dragged the crypto market down, Bitcoin has seen a significant recovery, rising back to $114,000.
Altcoins on the other hand have not seen such strong recovery, and many of the top ones are still struggling. However, this data shows that there is momentum building up that can lead to an altcoin season.
Will it happen in Q4
Q4 is regarded as the most favorable quarter of every year for crypto assets, and particularly now that the market is in a bullish move.
Investors are therefore hopeful that crypto assets will see new highs as we enter into it. The crypto market can be unpredictable though, and things can move in any direction.
Will the altcoin season start this Q4? It is not certain, but fingers must remain crossed as we watch to see what happens.
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