Altcoin market heats up as futures trading volume surges

On-chain analytics platform CryptoQuant reported on X that altcoins are gaining strong momentum following Bitcoin’s surge to around $120,000. Trading activity in the altcoin market, particularly in perpetual futures, has picked up significantly. Combined trading volume for Ethereum and other altcoin perpetual contracts has reached $223.6 billion, the highest in five months, now making up 83% of total trading volume on centralized exchanges.