Summary
- On-chain analytics firm Glassnode said investor sentiment in the altcoin market has entered a bullish phase.
- Funding rates for 85% of all altcoins are above each asset’s average level, the firm said.
- The reading is the highest since Bitcoin traded at an all-time high, and such conditions can persist for several weeks during an altcoin season, Glassnode added.
Forecast Trend Report by Period
Investor sentiment in the altcoin market has turned bullish, on-chain analytics firm Glassnode said.
In a post on X on Aug. 24, Glassnode wrote that the altcoin market had entered a bullish phase. Funding rates for 85% of altcoins are above each asset’s average, it said.
Funding rates are payments exchanged between long and short traders in the perpetual futures market. Higher funding rates are typically interpreted as a sign that more investors are betting on prices rising.
Glassnode said the figure is the highest since Bitcoin was trading at an all-time high. It added that such conditions can persist for several weeks during an altcoin season.
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.