Altcoin Exchange Deposit Count Reported Up 160 Percent in Two Weeks
(2 days ago) · 1 source · Summarized by CryptoBipto
Data cited by Cointelegraph indicates that the number of altcoin deposits to exchanges rose approximately 160 percent over a two-week period. The report does not specify which altcoins or exchanges were most affected. The underlying reasons for the increase have not been conclusively established.
WHY IT MATTERS
When people send cryptocurrency to an exchange, it is a bit like moving money from a savings account into a checking account — it does not necessarily mean they plan to spend it right away, but it does mean the funds are now more accessible for trading. In crypto, "altcoins" refers to any cryptocurrency other than Bitcoin. A sharp rise in the number of altcoin deposits to exchanges tells us that more people are actively moving their altcoins onto trading platforms. For beginners, this is a useful on-chain metric to understand: tracking what moves onto and off of exchanges can offer clues about market activity, though it never tells the full story on its own.
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- cointelegraph.com
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