Bitcoin 
Ethereum 
Tether 
BNB 
Solana 
USDC 
XRP 
Lido Staked Ether 
Dogecoin 
Toncoin 
Cardano 
Shiba Inu 
Avalanche 
TRON 
Wrapped Bitcoin 
Polkadot 
Bitcoin Cash 
Chainlink 
NEAR Protocol 
Polygon 
Litecoin 
Fetch.ai 
Internet Computer 
Uniswap 
Dai 
LEO Token 
Render 
Ethereum Classic 
Hedera 
First Digital USD 
Aptos 
Cosmos Hub 
Pepe 
Cronos 
Mantle 
Filecoin 
Wrapped eETH 
Stellar 
OKB 
Stacks 
Immutable 
Renzo Restaked ETH 
dogwifhat 
Kaspa 
Arbitrum 
Optimism 
Bittensor 
Arweave 
VeChain 
The Graph 
Maker 
Monero 
Sui 
Ethena USDe 
Theta Network 
Injective 
THORChain 
Fantom 
Celestia 
Rocket Pool ETH 
FLOKI 
Lido DAO 
Bonk 
Bitget Token 
Algorand 
GALA 
Core 
Sei 
WhiteBIT Coin 
Mantle Staked Ether 
Jupiter 
Quant 
Flow 
Aave 
Beam 
Ethena 
Bitcoin SV 
dYdX 
SingularityNET 
BitTorrent 
Ondo 
Worldcoin 
Akash Network 
Wormhole 
Chiliz 
Flare 
Ribbon Finance 
NEO 
MultiversX 
Gate 
Axie Infinity 
Zebec Protocol 
KuCoin 
The Sandbox 
Tokenize Xchange 
eCash 
EOS 
AIOZ Network 
Tezos 
Starknet 
Cheelee 
JasmyCoin 
Marinade Staked SOL 
Mina Protocol 
Ronin 
Conflux 
Synthetix Network 
Kelp DAO Restaked ETH 
ORDI 
Decentraland 
Gnosis 
ApeCoin 
Nervos Network 
DeXe 
Helium 
USDD 
BOOK OF MEME 
Axelar 
Safe 
Pyth Network 
Theta Fuel 
IOTA 
Kava 
ether.fi Staked ETH 
PancakeSwap 
NEXO 
Lido Staked SOL 
Frax 
Klaytn 
Swell Ethereum 
Fasttoken 
Echelon Prime 
Terra Luna Classic 
Frax Ether 
Ocean Protocol 
Oasis Network 
MANTRA 
Blur 
Bitcoin Gold 
Tether Gold 
Osmosis 
dYdX 
Illuvium 
Golem 
WEMIX 
Arkham 
Coinbase Wrapped Staked ETH 
SATS (Ordinals) 
WOO 
Curve DAO 
Astar 
XDC Network 
TrueUSD 
Livepeer 
Dymension 
Venom 
MX 
Jito 
Aerodrome Finance 
APENFT 
Staked Frax Ether 
Trust Wallet 
AltLayer 
IoTeX 
Ankr Network 
Pendle 
Radix 
Ethereum Name Service 
CorgiAI 
Raydium 
GMT 
Zilliqa 
Memecoin 
Popcat 
SuperVerse 
Celo 
PAX Gold 
Ether.fi 
1inch 
Terra 
Manta Network 
Amp 
Ravencoin 
Holo 
Enjin Coin 
Rocket Pool 
0x Protocol 
Siacoin 
Galxe 
Polymesh 
aelf 
Celsius Network 
Compound 
Stader ETHx 
EthereumPoW 
Qtum 
cWBTC 
SKALE 
SafePal 
ZetaChain 
In a Nov. 15 post on X, Kaiko, a leading market data provider, reports the market share of altcoin and Ethereum spot volume relative to Bitcoin has risen to 60%.
This marks its highest level in more than a year.
Catching attention
Kaiko’s data goes on to show that market share volumes were sitting at 55% back in August of this year, with previous months being dominated by Bitcoin (BTC).
Altcoin volumes are up 📈
The market share of altcoin + ETH spot volume relative to BTC has risen to 60%, its highest level in more than a year. pic.twitter.com/8KDZcoZWFf
— Kaiko (@KaikoData) November 15, 2023
It is worth noting that market sentiment towards Ethereum (ETH) and other altcoins has caught the attention of many headlines in the last few weeks, both in relation to ETF news and the Federal Reserve’s decision on interest rates.
📉ETH/BTC has trended downwards ever since the Merge.
However, ETH sentiment finally shifted last week after BlackRock filed for a spot ETH ETF, causing the ratio to reverse. pic.twitter.com/wzqZFlpgww
— Kaiko (@KaikoData) November 14, 2023
Notably, a Nov. 14 post, also from Kaiko, had shown that ETH/BTC had been trending downwards since the Merge; however, following BlackRock’s filing for a spot ETH ETF, the ratio had seen a reversal, while at the same time, several altcoins have since shown double-digit pumps according to CoinMarketCap’s 24-hour charts.
Top Crypto Gainers and Losers | Source: CoinMarketCap
According to Fortune, these numbers suggest the return of risk on and “old times” are now imminent.
You might also like: Kaiko reports Alameda gap still exists
A different market cycle
In contrast to last month, on Oct. 17, Bitcoin had experienced a significant surge, soaring by almost 10% to surpass $19,500. Conversely, major altcoins such as Ethereum had sustained a downward trend.
At the time, the Crypto analyst Jason Pizzino attributed this disparity between Bitcoin and altcoins to be something expected based on the current market cycle.
