Bitcoin dominance climbed above 61% this week, the highest since November last year. The metric hit 61.3% on Wednesday, up from 58.44% at the start of April. BTC continues to lead crypto flows, but altcoin volumes on Binance have started to move. According to data from CryptoQuant, altcoin share of trading volume reached 49% in March, measured against combined BTC and ETH futures volumes.
Bitcoin dominance above 61% marks a continuation of the trend that began in February. BTC gained 36% from its February low of $60,000. Over that period, altcoins lagged but TOTAL3, which tracks the crypto market cap excluding Bitcoin and Ether, rose 17% to a two-month high of $765 billion. The recovery in altcoins has been slower than Bitcoin’s. That gap is narrowing.
| Metric | Latest | Prior | Change |
|---|---|---|---|
| Bitcoin Dominance | 61.3% | 58.44% | +2.86pp |
| BTC from Feb Low | +36% | $60,000 | – |
| TOTAL3 Cap | $765bn | – | +17% |
| Binance Altcoin Vol Share | 49% | 31% | +18pp |
Bitcoin dominance above 61% but altcoin flows improving
The rise in altcoin volume share on Binance stands out. The metric climbed from 31% in March to 49% this week. That shift suggests participation is spreading beyond Bitcoin and Ether after months of concentration in the two largest assets. The increase sits well below the rotation phases seen during the 2024 altcoin rally, but it is a start.
Data from CryptoQuant showed that altcoin trading volume, excluding the five largest cryptocurrencies, has been rising steadily over recent weeks. The 90-day AltSeason Index climbed to 28.6, its fastest recovery in months. The index tracks whether a majority of altcoins outperform Bitcoin over a set period. Readings above 75 typically signal stronger altcoin cycles. The current reading is not there yet.
Analyst CW8900 noted that the AltSeason Index has not reached levels associated with previous altcoin cycles. The highest point in this cycle came in early 2024, and even that reading was relatively low compared to prior altseasons. The metric confirms what the price action shows. This has been a Bitcoin-led market.
Altcoin positioning shifts off cycle lows
The average altcoin now trades 23.47% below its 200-day simple moving average. That figure was 44.4% earlier in the cycle. CryptoQuant noted that similar readings have appeared near the end of late-stage bear markets, including in 2022. Around 12.6% of altcoins listed on Binance have reclaimed their 200-day SMA, another sign of improving momentum.
The data does not point to a full-blown altcoin rally. It points to early-stage recovery in a market that has been under pressure for months. Whether this builds into a broader rotation depends on whether Bitcoin consolidates or continues to pull capital away from the rest of the market. The macro books are watching the dominance metric closely. A break back below 60% would likely accelerate flows into altcoins. A push above 62% keeps the lid on.
Next catalyst: the reaction to upcoming Federal Reserve commentary and whether Bitcoin holds support around current levels. If BTC consolidates here, altcoins have room to run. If it breaks higher, the dominance trend extends.
This article is for information purposes only and does not constitute investment advice. Readers should not act on any information contained here without first consulting an authorised financial adviser. Past performance is not a reliable indicator of future results.
