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<p class="is-style-lead">In a Nov. 15 post on X, Kaiko, a leading market data provider, reports the market share of altcoin and Ethereum spot volume relative to Bitcoin has risen to 60%.</p> 
<p>This marks its highest level in more than a year.</p> 
<h2 class="wp-block-heading" id="catching-attention">Catching attention</h2> 
<p>Kaiko’s data goes on to show that market share volumes were sitting at 55% back in August of this year, with previous months being dominated by Bitcoin (<a href="https://crypto.news/price/bitcoin/" data-type="link" data-id="https://crypto.news/price/bitcoin/">BTC</a>).</p> 
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   https://twitter.com/KaikoData/status/1724781799262355632 
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<p>It is worth noting that market sentiment towards Ethereum (<a href="https://crypto.news/price/ethereum/" data-type="link" data-id="https://crypto.news/price/ethereum/">ETH</a>) and other altcoins has caught the attention of many headlines in the&nbsp;<a href="https://crypto.news/ethereum-maintains-position-above-2k-after-etf-proposal-surge/" target="_blank" rel="noreferrer noopener">last few weeks</a>, both in relation to ETF news and the&nbsp;<a href="https://crypto.news/altcoin-market-rises-amid-bitcoin-rally-and-u-s-interest-rates/" target="_blank" rel="noreferrer noopener">Federal Reserve’s decision</a>&nbsp;on interest rates.</p> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
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   https://twitter.com/KaikoData/status/1724445834744320194 
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<p>Notably, a Nov. 14 post, also from Kaiko, had shown that ETH/BTC had been trending downwards since the Merge; however, following BlackRock’s filing for a spot ETH ETF, the ratio had seen a reversal, while at the same time, several altcoins have since shown double-digit pumps according to CoinMarketCap’s 24-hour charts.</p> 
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 <img decoding="async" loading="lazy" width="1024" height="409" src="https://crypto.news/app/uploads/2023/11/Screen-Shot-2023-11-15-at-8.40.12-AM-1024x409.png" alt="Altcoin volumes up to 60%, according to Kaiko data - 27" class="wp-image-14216132">
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  Top Crypto Gainers and Losers | Source: <a href="https://coinmarketcap.com/gainers-losers/" data-type="link" data-id="https://coinmarketcap.com/gainers-losers/" target="_blank" rel="noopener">CoinMarketCap</a>
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<p>According to&nbsp;<a target="_blank" href="https://fortune.com/crypto/2023/11/07/bitcoin-alt-coins-return-of-risk-on-uptober/" rel="noreferrer noopener">Fortune</a>, these numbers suggest the return of risk on and “old times” are now imminent.&nbsp;</p> 
<p> You might also like: <a href="https://crypto.news/kaiko-reports-alameda-gap-still-exists/"> Kaiko reports Alameda gap still exists </a> </p> 
<h2 class="wp-block-heading" id="a-different-market-cycle">A different market cycle</h2> 
<p>In contrast to last month, on&nbsp;<a href="https://crypto.news/bitcoin-goes-up-altcoins-go-down-analyst-explains/" target="_blank" rel="noreferrer noopener">Oct. 17</a>, Bitcoin had experienced a significant surge, soaring by almost 10% to surpass $19,500. Conversely, major altcoins such as Ethereum had sustained a downward trend.&nbsp;</p> 
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 <div class="wp-block-embed__wrapper"> <iframe title="This Pump Just Got BIGGER for Bitcoin | and why Crypto is Still Collapsing" width="1020" height="574" src="https://www.youtube.com/embed/QGPAUh4p3tM?start=1&amp;feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen></iframe> 
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<p>At the time, the Crypto analyst Jason Pizzino attributed this disparity between Bitcoin and altcoins to be something expected based on the current market cycle.</p> 
<p> Read more: <a href="https://crypto.news/kaiko-reports-exchange-de-listings-at-an-all-time-high/"> Kaiko reports exchange de-listings at an all-time high </a> </p>

Altcoin volumes up to 60%, according to Kaiko data

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