Altcoin Market Value Drops 13% Amid Increased Exchange Inflows
Altcoin Market Update
- Altcoins have not fully recovered from the recent market downturn.
- Major cryptocurrencies, including Bitcoin, are struggling to surpass last week's lows.
- Ethereum briefly rose above $4,200 but has since declined to post-October 10th levels.
Investor Sentiment and Exchange Activity
- CryptoQuant’s Head of Research, Julio Moreno, notes an increase in altcoin transfers to centralized exchanges.
- This trend is measured by the Exchange Inflow Transaction Count, indicating potential selling pressure.
- A rise in this metric typically signals a bearish outlook, as investors may be preparing to sell.
- High transaction volumes into exchanges, especially Binance, suggest possible continued price declines for altcoins.
If the inflow peaks, it might indicate a market bottom and potential reversal for altcoins.
Altcoin Market Valuation
- The altcoin market cap has fallen to approximately $1.45 trillion.
- This marks a drop of over 1% in the past 24 hours and nearly 13% over the past week.
