According to Binance's latest research, an “altcoin season” may be coming very close to the cryptocurrency market.
Bitcoin transactions are down
Binance Research – the market research department of cryptocurrency exchange Binance, has announced one report March 6 shows that the altcoin market will see renewed activity.
Bitcoin transaction volume dropped from 40% to 27% in February – which researchers acknowledge is one of the strongest changes over the month. The researchers propose:
“If this trend continues, it will show a greater craving of market participants to altcoins.”
Ethereum sees new interest among traders
Moreover, interest in Ether (ETH) transactions is growing sharply, with a total monthly volume of 158.6%. The average daily spot volume also increased by 69% compared to January. In general, February was a volatile month for the cryptocurrency market:
"The leading event of the month was ETHDenver, with many hackthon projects on Ethereum building different projects. Many of these projects emphasize Ethereum's pending transition to Proof-of-Stake and the ability of smart contracts to be built on top of each other. "
Ethereum seems to be enjoying the new interest of traders and investors. As Toiyeubitcoin previously reported, whales seem to be accumulating Ether, with 25% of ETH's total supply being controlled by 100 separate wallet addresses.
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According to CoinTelegraph
Translated by ToiYeuBitcoin