
Investor appetite for altcoins continues to grow, as evidenced by the dramatic increase in their trading volume on Binance, which now reaches 78% of the platform's activity. This record level raises questions: is the market at the dawn of a new altcoin bull run? According to Burak Kesmeci, analyst at CryptoQuant, this development constitutes a strong signal, which reinforces the hypothesis of a bull market in 2025. However, despite this enthusiasm, certain indicators remain mixed. Bitcoin still dominates the market with 57.74% of the total capitalization, and the Altcoin Season Index, down to 46 out of 100, does not yet confirm a clear shift towards altcoins. Faced with these contradictory signals, the current dynamic reflects more of a gradual increase in power than a real immediate change in the cycle.

A rising altcoin market on Binance
For several months, Binance has recorded a continuous increase in the trading volume of altcoins, which illustrates a growing investor interest in these assets. In January 2025, their dominance on the platform reached 77.83%, compared to 50.80% in May 2024, an increase of 11% in just seven months. According to Burakkesmeci, analyst at CryptoQuant, this rise reflects renewed confidence in the altcoin market, supported by the influx of individual investors. He asserts on January 11, 2025 that “the constant growth in the trading volume of altcoins on Binance reinforces the hypothesis of a bull market in 2025”.
Despite this dynamic, bitcoin maintains a dominant position with 57.74% of the total capitalization, according to TradingView. Additionally, its market share has increased by 2.41% over the past 30 days, which goes against the idea of a massive shift towards altcoins. Another indicator tempers this enthusiasm: CoinMarketCap's Altcoin Season Index, which measures the performance of the 100 main cryptos over 90 days, displays a score of 46 out of 100. This level remains well below the usual threshold which announces an altseason. In December 2024, this index reached 64, a drop of 18 points, suggesting that, despite the increase in volumes on Binance, the overall market is not yet fully shifting towards altcoins.
While these signals show growing interest in alternative cryptos, the real question remains whether this trend will mark the start of a lasting upcycle or whether it is simply a temporary surge in activity on Binance.
Bitcoin and Ethereum: catalysts or brakes on the altcoin market?
The rise of altcoins on Binance is attracting investor interest, but does not guarantee the emergence of a generalized bull market. For this trend to continue over time, the evolution of bitcoin and Ethereum remains a crucial factor. Historically, a marked decline in bitcoin dominance has always been a key signal that heralds an altseason. However, with a market share of 57.74%, up 2.41% over the last 30 days, this shift still seems premature.
If bitcoin maintains its hold on the market, Ethereum could however play a key role in the transition of capital towards altcoins. On January 11, 2025, Mister Crypto, an influential trader, asserted on X (formerly Twitter) that “ETH could experience a significant rally and go from $4,000 to $8,000 in the coming weeks.” Such a surge would be a strong signal for the altcoin market, particularly for those operating in the Ethereum ecosystem. In the past, a surge in the price of ETH has often preceded a massive influx of capital into altcoins.
However, some analysts believe that this altseason could differ from previous ones. Ki Young Ju, CEO of CryptoQuant, warns against taking an overly simplistic approach to the market. According to him, only projects with a solid use case and a real value proposition will succeed. Unlike past cycles, where profits made on bitcoin were systematically reinvested in altcoins, he considers that this mechanism is no longer automatic. Such a paradigm shift could lead to a more selective altseason, marked by a polarization between innovative projects and those struggling to justify their place on the market.
The rise of altcoins on Binance, with 78% of trading volume dedicated to these assets, reflects exponential investor interest in alternatives to bitcoin. However, this dynamic is not enough to confirm the arrival of a widespread altseason. The dominance of bitcoin, still high at 57.74%, is slowing down a real rotation of capital, while the Altcoin Season Index, down to 46 out of 100, remains below the critical threshold. This evolution of ETH, of which some analysts anticipate a major rally, could play a decisive role in the coming trend. However, caution remains in order. Only altcoins with strong use cases and a compelling value proposition could truly prevail in this cycle, leaving little room for purely speculative projects.
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