65% of Binance Trading Volume Is in Altcoins: Bitcoin and Ethereum Lag Behind

Altcoins hit a two-year high by capturing 65% of Binance’s trading volume during the Bitcoin rally, while their market capitalization, excluding Ethereum, increased by approximately $135 billion.

According to CryptoQuant’s analysis, the strong rally in recent days did not leave interest solely on Bitcoin. While **altcoins’ share of trading volume on Binance** rose to 65%, Bitcoin’s share remained at 21%, and Ethereum’s share at 13.6%.

Bitcoin’s rise, reaching approximately 30% during the same period, also energized altcoins. The Total2 indicator, which tracks the total market capitalization of altcoins excluding Ethereum, rose by approximately **$135 billion**. This increase represents the change in market cap; it does not directly mean there was an equivalent amount of net capital inflow.

Altcoin Volume on Binance Hits Two-Year High

Data revealed that the **distribution of trading volume on Binance** has shifted significantly in favor of altcoins. Since Binance alone accounts for approximately 40% of altcoin trades among exchanges, activity on this platform reflects a significant portion of the market.

The 65% share for altcoins marks the highest level recorded in the last two years. Simultaneously, Bitcoin holding a 21% share and Ethereum a 13.6% share shows that the majority of trading activity during the rally concentrated on smaller cryptocurrencies.

In a market that has trended with low volatility and limited trading volume for a long time, **investor interest shifting toward altcoins** may indicate increased demand for riskier assets. CryptoQuant considers this picture a signal that **risk appetite could be strengthening** across the market. The data, however, reflects the distribution on Binance, not the entire cryptocurrency market.