Trading on Binance has shifted towards altcoins, which now account for 60% of turnover at the largest crypto exchange, according to CryptoQuant analyst maartunn.
60% of the Trading Volume on Binance is on Altcoins
“This data reflects where actual trading activity is happening, and right now, it’s heavily concentrated outside the majors.” – By @JA_Maartun pic.twitter.com/Hhp637LIh0
— CryptoQuant.com (@cryptoquant_com) November 21, 2025
He said the level is the highest since the start of 2025.
Bitcoin and Ethereum together make up about 20%. Historically, such a split has signalled rising speculative activity, the analyst noted.
“However, both the first cryptocurrency and many altcoins are displaying high volatility. This may indicate that traders are either exploiting the swings for short-term trades or betting on the rise of specific coins,” maartunn concluded.
Beating bitcoin
According to the analyst known as Darkfost, amid the ongoing correction some altcoins have fallen back to bear‑market levels. Still, they are “holding up better than bitcoin”.
📊 Altcoins have taken a heavy hit lately, with some even dropping back to their bear market levels.
Still, I’m noticing that they’re holding up better than BTC right now.
You can clearly see it when comparing market cap trends between BTC, large caps, and mid–small caps.… pic.twitter.com/Ag4q5Ek1Ye— Darkfost (@Darkfost_Coc) November 20, 2025
Many mid- and small-cap coins have fallen less than the first cryptocurrency.
At the time of writing, the market value of digital gold stands at $1.6trn, with all other assets combined at $1.3trn. The total slid 8.2% on the day, dropping below $3trn.
Over the past 24 hours the biggest losses were in Ethereum, Solana and Dogecoin, down 9.5%, 10.5% and 10.4% respectively. Bitcoin fell 8.9% over the same period.
On a weekly basis many coins have fared better than digital gold. For example, over the past seven days TRON is down 5.4%, versus 13.7% for the first cryptocurrency.
Privacy coins have also stood out, moving against the broader market for weeks. Thus, Zcash prices rose 30% over the past 30 days.
At the time of writing ZEC trades at $654 (-2.3% on the day).
What next for bitcoin?
On November 21 the price of digital gold fell to $82,000 — the lowest since April. At the time of writing it trades around ~$82,200.
Glassnode analysts noted that bitcoin has broken below the average price of active investors. The next target is $81,900.
Breaking below the Active Investors Mean, the next key cost-basis is the True Market Mean.
True Market Mean: $81.9K
📉 https://t.co/60PCc4QueH https://t.co/HxSljVLKHW pic.twitter.com/g3Bv8tfIX5
— glassnode (@glassnode) November 20, 2025
The first cryptocurrency is at its most oversold in more than two years.
Bitcoin most oversold in over 2 years pic.twitter.com/0le3gNGK7f
— zerohedge (@zerohedge) November 20, 2025
CryptoQuant CEO Ki Young Ju emphasised that, technically, the bull phase ended earlier this year when bitcoin breached $100,000. To form a cyclical bottom, the cryptocurrency would need to revert to its realised price around $56,000.
“However, given that players like Strategy are unlikely to start selling their assets, and their coins are effectively withdrawn from the market, I doubt we’ll see bitcoin at $56,000,” he added.
In his view, in general the bull market has not ended yet. Only select on-chain indicators suggest otherwise. Macro conditions could reverse the trend at any moment, as they did earlier this year.
Ki believes that, given current price trends, bitcoin is unlikely to stage a convincing recovery over the next 3–6 months. A return of liquidity to the market is needed to start a new leg higher.
Earlier, Wintermute analysts pointed out the importance of this factor, noting that a resumption of the uptrend requires increased inflows into ETFs and purchases by crypto treasuries. Specialists at The Kobeissi Letter share the same view.
Earlier, Glassnode experts identified the level that would confirm a bear phase of the market.
Previously they said that bulls must return the price of the first cryptocurrency as soon as possible to a level at which 75% of coins are in profit — only this has historically halted a trend reversal.