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Are Bitcoin Users Switching to the Altcoin Market? CryptoQuant Explains - Koin Bülteni
Ki Young Ju, the founder and CEO of CryptoQuant, stated in his latest post evaluating the dynamics of the altcoin markets that the altcoin season is no longer defined by asset rotation based on Bitcoin pairs.
Ju emphasized that the increase in altcoin trading volume is due to stablecoin and fiat pairs rather than Bitcoin pairs.
Real growth in altcoin markets
Ju noted that this shift in altcoin trading volume reflects the "real growth of the market." Ju, who said "Stablecoin liquidity better explains altcoin markets," stated that stablecoin and fiat pairs have become the key determinant of the altcoin market, rather than asset rotation based on Bitcoin.
This situation means increased independence of the altcoin markets and a greater focus of liquidity providers on trading pairs based on stablecoins.
The altcoin trading volume is maintaining a steady course despite the fluctuations in Bitcoin price. Additionally, the volume is seeing a significant increase in stablecoin and fiat pairs, which is more in line with Ethereum price movements.