On-chain data revealed that investor interest began to shift from Bitcoin (BTC) to altcoins.
While the cryptocurrency market has been strengthening its upward momentum, especially since the beginning of October, investor interest has begun to turn from Bitcoin to altcoins. According to the data provided by the on-chain analysis platform Coinalyze, Bitcoin-specific open position (open interest) of the rate to 38% and that this metric was down two months ago 50% He pointed out that it was.
Especially in the last 2 months investors aGreat interest in ltcoins The Coinalyze front claims that it has started to show The decline in Bitcoin dominance He also used it to support his thesis.
Bitcoin dominance showing Bitcoin’s dominance over the rest of the cryptocurrency market losing more than 6% in value in the last month experienced one of its biggest retreats during the year.
One of the clearest indicators that money is shifting to altcoins is Solana (LEFT) And Avalanche (AVAX) The meme coins in these ecosystems, especially in Turkey, provided high returns in a short time. Solana in the last 1 month %one hundred around, while AVAX around 120% showed an upward performance.
Moreover TOTAL2 The data representing the dominance of the altcoin market, known as $700 billion resistance by breaking to 798 billion dollars rose up. Coinalyze improves liquidity flow to the altcoin market It can continue in 2024 hinted.