Altcoin Sentiment Turns Bullish as 85% of Tokens Show Above-Average Funding Rates
Summary
- Glassnode said investor sentiment in the altcoin market has entered a bullish phase.
- It said funding rates across 85% of altcoins are above each asset’s average level.
- It added that the latest reading is the highest since Bitcoin traded at an all-time high, and that such conditions can persist for several weeks during an altcoin season.
Forecast Trend Report by Period
Investor sentiment in the altcoin market has turned bullish, according to on-chain analytics firm Glassnode.
Glassnode wrote on X on August 24 that the altcoin market has entered a bullish phase, with funding rates across 85% of altcoins running above each asset’s average level.
Funding rates are periodic payments exchanged between long and short traders in the perpetual futures market. Elevated funding rates typically indicate that more investors are betting on further gains.
Glassnode said the latest reading is the highest since Bitcoin was trading at an all-time high. It added that such conditions can persist for several weeks during an altcoin season.
minriver@bloomingbit.ioHello, I'm a reporter at bloomingbit