In the realm of cryptocurrency, the recent data from on-chain analytics firm Kaiko has captured the attention of investors and enthusiasts alike. Altcoins, along with Ethereum (ETH), now command a staggering 60% of the total market share in terms of weekly trading volume, surpassing Bitcoin (BTC) by the highest margin seen in over a year.
Altcoins outperform Bitcoin
Over the last 28 days, plenty of cryptocurrencies, including Solana (SOL), Polygon (Matic), Ripple (XRP), and various altcoins, have outperformed Bitcoin in terms of percentage return, signaling a changing trend in investor sentiment.
Despite the altcoin surge, Bitcoin continues to maintain its position as the world’s largest cryptocurrency, trading near $36,150 with a 1.5% increase in the last 24 hours. With a total 24-hour trading volume nearing $23.10 billion, Bitcoin maintains its top position on Coinmarketcap based on market cap. However, its market dominance has slipped to 50.81%, down by 0.27% over the last 24 hours.
Major altcoins experience significant momentum
Notably, major altcoins have experienced significant momentum in the last 24 hours. Ethereum (ETH) is trading near $2013, showcasing a 1.7% increase. Solana (SOL) has surged by an impressive 9.5%, reaching a trading price of $62, while Hedera Hashgraph (HBAR) is up by 3%, trading near $0.06. Other altcoins, including Cardano (ADA) and Polkadot (DOT), have also shown gains of 3.5% and $4.3%, respectively.
This surge in altcoin activity follows the approval of BlackRock’s spot Ether ETF, indicating a growing interest in alternative cryptocurrencies.
In response to the heightened demand for altcoins, Binance Japan is set to introduce 13 new coins, including Hedera Hashgraph (HBAR), Near Protocol (NEAR), Optimism (OP), and Gala (GALA). Additionally, Binance Japan will enable spot trading for these cryptocurrencies starting November 27, 2023, as reported by Todayq News.
Investors are showing particular interest in major altcoins such as XRP and Matic due to their nature and the backing of banking giants. These altcoins have received praise for their innovative crypto projects, with indications that adoption by major financial institutions may be on the horizon.