Binance Records ‘Highest Buy Flows’ in Altcoins; Is Alt-Season Kickoff Coming?

Bitcoin is currently trading at $9,070, up 0.52% in the past 24 hours. However, altcoins are recording higher percent of gains, both Ethereum (ETH) and Bitcoin Cash (BCH) are trading in the green by 3.28%.

Amidst the green market, Hedera Hashgraph (HBAR) has emerged as the winner with 35.38% gains in the past 24 hours. Other coins recording substantial gains include Bytecoin (20.60%), Waves (12.21%), Lisk (7.60%), and PundiX (7.50%).

Source: Coin360

February was a volatile month for cryptocurrencies, which saw a rise in prices followed by correction and then resulting in a fall, all in one month. 75% of Binance users however still remain long-term bullish on BTC based on the rising hash rate and upcoming halving.

This roller coaster ride, however, had some big swings in BTC price and its dominance, showing a “strong month” for altcoins. Crypto exchange, in its latest report, revealed that it recorded some of the “highest buy flows” in recent months but not only in bitcoin but also in altcoins.

The upswing seen in altcoin trading last month had the trading dominance of BTC on Binance falling from 40% to 27% in February, one of its sharpest month-over-month changes — not seen since June 2019.

“If this trend were to continue, it would signify a greater appetite for altcoins from market participants.”

Bitcoin monthly trading dominance on Binance.com

The lead driver of the February rally was ETH, which recorded a total monthly volume increase of 158% followed by XRP, LINK, BNB, XTZ, and LTC.

In the Binance derivatives market, the exchange added 13 new contracts. The total volume across altcoin perpetual contacts on Binance Futures also increased by 160% while the daily volume across altcoin markets averaged at $1.1 billion, an increase of almost 300% from January.

The cumulative open interest across altcoin perpetual markets also grew from USDT 75 million to USDT 133 million – a 76% month-on-month expansion.