The volume of altcoin deposits on cryptocurrency exchanges has reached a record level. According to blockchain analytics platform CryptoQuant, the seven-day transaction count for altcoin deposits as of September 28 was 78,000, which is 160% higher compared to September 14, when this figure was 29,800 transactions.
The number of addresses sending altcoins to exchanges also hit a peak of around 51,600, the highest level in nearly a year. It was reported that from September 14 to September 28, the number of addresses making deposits nearly tripled, increasing from 17,600 to 51,600. CryptoQuant noted that the growth in deposits can be characterized as widespread and added that when holders transfer coins to exchanges, it usually indicates an intention to sell. Against this backdrop, Bitcoin (BTC) retreated after briefly exceeding $87,000, the highest since January. Analysts emphasize that changes in liquidity on exchanges, as well as the supply from long-term holders, could pose obstacles to further short-term gains.
Additionally, there is an increase in the market share of smaller altcoins, which has reached its highest level since February. According to analytics firm Glassnode, recent signals from the altcoin cycle highlight the superiority of altcoins over Bitcoin. Bitcoin's share of the total cryptocurrency market capitalization remains below 60%. Since May 27, Bitcoin's dominance has fluctuated between 58% and 60.4%. Crypto assets outside the top 10 by market capitalization accounted for 9% of the total volume as of September 27, marking their highest level since February.
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