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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.
