Altcoins have captured a larger share of crypto trading activity after Bitcoin posted a sharp rally, according to on-chain analytics firm CryptoQuant, which reported that altcoin volume dominance on Binance reached 65% - its highest level in two years. CryptoQuant also said Total2, which excludes Ethereum, gained about $135 billion as capital moved into altcoins. Analyst Ash Crypto separately reported that altcoin market capitalization rose 23% last week, but with Bitcoin dominance above 60%, a broader altcoin season remains unconfirmed.

Altcoins Capture More Trading Volume

Bitcoin gained nearly 30% at its maximum over the past few days. Altcoins followed the move, and their trading activity rose even faster. On Binance, altcoins accounted for as much as 65% of total trading volume.

Volume dominance measures how trading turnover is split between assets rather than how market value is distributed, so the reading means most trading activity on the exchange was taking place in altcoins instead of Bitcoin or Ethereum.

CryptoQuant said Binance handles nearly 40% of altcoin volume across exchanges, which makes the exchange's order books a closely watched sample of where market-wide trading activity is concentrating. At that point, Bitcoin represented 21% of Binance volume, while Ethereum accounted for 13.6%, leaving altcoins with the largest share.

Meanwhile, Total2 increased by about $135 billion. CryptoQuant said the move came after a period of subdued volume and low volatility.

Altcoin Market Cap Rises 23%

Analyst Ash Crypto also reported stronger movement across the altcoin market last week. Altcoin market capitalization rose 23%, its strongest weekly move in months. According to Ash Crypto, the market bounced from 1,000-day support and broke above a descending trendline.

However, Bitcoin dominance - Bitcoin's share of total crypto market capitalization - remains above 60%, a level that continues to favor Bitcoin and high-cap cryptocurrencies. An altcoin season, in common market usage, describes a stretch in which altcoins broadly outperform Bitcoin, and dominance is the gauge many analysts use to mark it. Ash Crypto said a broader altcoin season likely requires Bitcoin dominance below 58%. He added that the market structure has improved, but the rotation remains unconfirmed. On the benchmarks the analysts set out, the open questions are whether Bitcoin dominance moves from above 60% toward that 58% threshold, and whether altcoin volume share on Binance holds near its reported high. The volume data provides another measure of recent activity.

Bitcoin, Ethereum and Solana Roles

Altcoin Daily separately described the roles of Bitcoin, Ethereum and Solana. It said Bitcoin is showing that digital scarcity can function as money, that Ethereum is bringing finance onchain, and that Solana is moving crypto at internet speed.

The CryptoQuant and Ash Crypto figures, however, focus on market activity and structure. CryptoQuant measured trading volume and market capitalization, while Ash Crypto examined Bitcoin dominance and price structure. The two lenses can point in different directions at the same time: volume dominance captures where trading turnover concentrates, while market-capitalization dominance captures how value is distributed - and in the reported figures, altcoins held 65% of Binance turnover even as Bitcoin retained more than 60% of market value.

The reported figures place altcoins at 65% of Binance volume. Altcoin market capitalization also rose 23% last week, according to Ash Crypto.