Bitcoin Volume Down 28% as Altcoin Rally Ainticipation Builds

Bitcoin trading volume fell sharply on Saturday, dropping 28% as the market braces for a potential shift toward altcoins. 

Despite the decline in volume, Bitcoin’s market cap rose slightly to $2.34 trillion, marking a 1.09% increase, according to CoinMarketCap data. 

Over the last 24 hours, trading volume climbed to $65.16 billion, up 27.25%, with the cryptocurrency trading at $117,582.66 at press time. 

Bitcoin’s fully diluted valuation now sits at $2.46 trillion, with a supply of 19.9 million BTC and a volume-to-market-cap ratio of 2.71%.

Earlier this week, Bitcoin surged to a new all-time high above $124,000 on August 13. The milestone underscores Bitcoin’s growing maturity as an investable asset, though it remains prone to volatility, especially during August, which has historically been one of its weakest months. 

From the midterm point of view, the Bitcoin price situation is rather bearish. If bulls cannot seize the initiative until the end of the week, the correction may continue to the $116,000 range.

Altcoin season ahead?

At the same time, Bitcoin dominance has retreated by about 5% on the monthly chart, a shift that could signal the arrival of altcoin season. 

A falling dominance during a bull market often reflects a capital rotation into altcoins, driving their growth and popularity. Market liquidity conditions and rapid technological advancements in altcoin ecosystems further fuel this momentum.

Bitcoin’s dominance, which peaked at 65% in May, has now dropped to around 59% in August. 

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Coinbase Institutional recently reported that the market is nearing the threshold of a full-scale altcoin season as September approaches. 

The combined market capitalization of all altcoins has climbed more than 50% since early July, reaching approximately $1.4 trillion, underscoring growing investor appetite beyond Bitcoin.