Bitcoin trade volume continues to dominate the crypto markets

Saturday 31 October 2020, 4:07 AM AEST - 4 weeks ago

Summary:

  • The increment in Bitcoin trading has had a negative impact on alts such as ETH, LINK, XRP
  • Bitcoins dominance is once again above 63% and could signal more focus on trading BTC at the expense of altcoins

Bitcoin (BTC) continues on its bullish climb towards $14k and its corresponding trade volume is increasing at the expense of that of altcoins. According to the team at Santiment, Bitcoins trade volume has significantly eclipsed that of other popular digital assets such as Ethereum, XRP, ChainLink (LINK) and Binance Coin (BNB). The rise of Bitcoins trade volume in the past few days has led to the reduction of the trade volume related to the aforementioned altcoins. This fact was highlighted by the team at Santiment via the following tweet.

💪 The dominance involving #Bitcoin is continuing to display itself, particularly via trading volume. When comparing other top #blockchains in the past day, note the decline in $ETH, $XRP, $LINK, and $BNB trading volume, while $BTC's levels stayed high. https://t.co/po9aqbs5Mr pic.twitter.com/evijtftERN

— Santiment (@santimentfeed)

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