CryptoQuant Says Altcoin Market Is Building Upward Momentum
Summary
- CryptoQuant said altcoins are building bullish momentum, citing altcoin trading-volume indicators on centralized exchanges.
- It said short-term trading volume has surged versus long-term volume and analyzed the possibility of capital moving from major coins into mid- and small-cap altcoins.
- The market is focused on how rising trading volume and capital rotation will affect altcoins, with changes in Bitcoin dominance and investor sentiment identified as key variables.
Forecast Trend Report by Period
The altcoin market is building momentum for a potential upswing, with signs of capital rotation emerging, according to CryptoQuant.
On May 11, CryptoQuant said altcoins were accumulating upward momentum based on trading-volume indicators for major cryptocurrencies on centralized exchanges, or CEXs.
The firm said short-term trading volume has surged relative to long-term volume.
It added that the trend could signal capital shifting from major coins to mid- and small-cap altcoins.
More recently, some investment funds have begun rotating into altcoins after Bitcoin's rally.
Market participants are closely watching how rising trading volumes and capital rotation will affect the broader altcoin market. Changes in Bitcoin dominance and investor sentiment are expected to be key variables.
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.