Glassnode said the altcoin market has moved into a more optimistic phase, with about 85% of altcoins now showing funding rates above their own average levels. According to the analysis, this marks the highest reading for the indicator since the period when BTC was at historical highs. The firm added that if an altcoin season takes hold, a similar funding-rate setup could remain in place for several weeks. The update was cited by ChainCatcher in a market analysis brief.
According to ChainCatcher, Glassnode said the altcoin market has entered an optimistic phase, with about 85% of altcoins posting funding rates above their respective average levels.
Glassnode said this is the highest level for the indicator since the period when BTC was at historical highs. It added that if an altcoin season develops, a similar funding-rate environment could last for several weeks.
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