CryptoQuant Says Altcoin Market Is Building Upward Momentum
Summary
- CryptoQuant said the altcoin market is building momentum for gains based on key cryptocurrency trading volume indicators on centralized exchanges.
- It said a surge in short-term trading volume relative to long-term trading volume may signal capital is shifting from major coins into small- and mid-cap altcoins.
- The market is watching how rising trading volume and capital rotation will affect the broader altcoin market, with changes in Bitcoin dominance and investor sentiment seen as key variables.
Forecast Trend Report by Period
The altcoin market is building momentum for a potential upswing as capital begins rotating across cryptocurrencies.
On May 11, CryptoQuant said key cryptocurrency trading-volume indicators on centralized exchanges show the altcoin market is accumulating momentum for gains.
The analytics firm said short-term trading volume has been surging relative to long-term volume.
That pattern may signal capital is moving from major coins into small- and mid-cap altcoins, it added.
More recently, some investor funds have started flowing into altcoins after Bitcoin's rally.
Market participants are watching how rising trading volume and capital rotation will affect the broader altcoin market. Changes in Bitcoin dominance and investor sentiment are seen as the main variables ahead.
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.
