According to BroadChain, at 13:16 on April 23, Bitcoinist reported that the trading volume share of Altcoins on Binance has reached 51%, hitting a new high for this cycle and marking the first time they have dominated trading volume on the platform. This represents a significant jump of 20 percentage points from 31% in early March, when market uncertainty was high and trading activity was heavily concentrated in Bitcoin and Ethereum. Currently, Bitcoin's share on Binance has dropped to 30%, while Ethereum has fallen to 17%.
Liquidity is rotating from mainstream assets to altcoins, with Ethereum's share loss being particularly notable. As of April 11, Ethereum's trading share on Binance was still 27%, but it plummeted by 10 percentage points in less than two weeks. Analysts point out that during the sideways consolidation phase, traders are taking advantage of narrowing price fluctuations to reallocate funds into previously underperforming, higher-volatility altcoin assets.
The total market capitalization of Altcoins, excluding the top ten assets by market cap, has stabilized within the range of $180 billion to $190 billion after a prolonged period of volatility and structural weakness. The market has entered a consolidation phase from the sell-off lows in February and has reclaimed the 200-week moving average, indicating that long-term buyers are beginning to re-enter. However, the 50-week and 100-week moving averages are flattening and converging above the current price, forming a compression zone, which typically signals the approach of a more significant directional move.
The current market structure remains fragile. If the total market capitalization of Altcoins cannot effectively break through the resistance zone of $220 billion to $250 billion, the overall trend will remain neutral to bearish. Analysts believe that whether this round of capital rotation marks the beginning of an altcoin recovery or is merely a temporary phenomenon during the consolidation period will be answered by market performance in the coming weeks.