The first signs of altcoin season? Altcoin dominance reaches highest point in 2023

Altcoin trading volumes have been increasing, reaching an all time high so far this year. At the beginning of the year, BTC was 45% of all trade volumes, and now BTC is down to 27% of trade volumes.

https://preview.redd.it/q9tiv8zgt2eb1.png?width=1302&format=png&auto=webp&s=387ba7182ecf38e88ae608f430997a0c6fba2121

This change is mostly driven by exchange activity outside of the US - with BTC trading volumes at about the same level as the beginning of the year at US exchanges, but with altcoin volume increasing substantially at international exchanges.

https://preview.redd.it/o3yja5xxt2eb1.png?width=1306&format=png&auto=webp&s=7e91c9049341130a273ac7994b9df69be7a1197b

Altcoin liquidity, as measured by 1% market depth, has also seen a slight increase since the start of July.

This is based on Kaiko's market data: aggregating bids and asks on all order books for an asset across all major centralized exchanges.

So the Bitcoin price has almost doubled this year, and now we're seeing altcoin trading activity increasing... is this the start of a new altcoin season?