On-chain data show that the old coin volume recorded an explosion after the youngest high of Bitcoin and made binance most of it.
Binance Altcoin Spot Trading Volume has recently recorded a significant jump
In a dashboard publication, the on-chain analytics company Cryptoquant spoke about how the trading volume in the cryptocurrency sector has changed according to the all-time high of BTC (ATH).
The Spot trade volume naturally refers to the total amount of a certain asset or a group of assets that are involved in the commercial activities in the central spot exchanges.
First, here is a diagram that shows the trend in the metric for Bitcoin:
How the BTC spot trading volume has changed on Binance and other exchanges | Source: CryptoQuant
As displayed in the above graphic, the Bitcoin -Spot trade volume observed an enormous increase, since the price of the financial value determined its ATH, which indicates that retailers increased their activity.
The volume grew between bony and the rest of the exchange during this increase in activity, but there was a shift in the days after the ATH: volume on the other stock exchanges, while Binance held relatively well. This meant that the dominance of the platform rose.
“Binance’s share of the Spot trade volume rose the next day from the next day of the all-time high from 39% to the all-time high,” notes Cryptoquant. The dominance of the platform has remained strong since then, although the total volume has decreased on both IT and the rest of the platforms.
While the BTC -Spot trade volume may have cooled down, the other side of the cryptocurrency sector, which consists of the old coins, has gotten.
Looks like volume related to the altcoins has spiked in recent days | Source: CryptoQuant
As is visible in the table, the Altcoin -Spot trade volume also jumped over Binance and the rest of the platforms when BTC set its ATH. In contrast to the digital asset number one, however, the Alts was not followed by a remarkable decline in activity.
This trend has accompanied a divergence between the prices of BTC and the others. Assets such as Ethereum (ETH), XRP (XRP) and Dogecoin (Doge) have shot up while Bitcoin moved sideways.
Just as in the case of BTC, Binance was grew in the days after the price -at -at -at -at with the growth of his Altcoin -Spot -Schable volume. “Binance dominated Altcoin Spot Trading Volumes on the days after BTC reached its all-time high, the share of the stock exchange on July 18 is up to 49%,” says the analytics company.
Bitcoin price
Bitcoin has not shown any signs of moving in both directions, since its price is still around 118,000 US dollars.
The price of the coin seems to have been locked in sideways movement recently | Source: BTCUSDT on TradingView
Selected image of dall-e, cryptoquant.com, diagram of tradingview.com
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