Bitcoin: On-Chain Tracker Points Out Interesting Difference Between Current And Past Rallies
25 Oktober 2023 - 12:00AM
NEWSBTC
The current Bitcoin rally has taken most of the crypto space by
surprise after going from under $27,000 to $35,000 in less than two
weeks. As prices continue to fly, on-chain data tracker Santiment
has revealed something different between the current Bitcoin rally
and its previous rallies above $30,000. Altcoins Refuse To Fall
Behind Bitcoin In the report that was posted on X (formerly
Twitter), Santiment revealed that altcoins have changed their usual
routine for when the Bitcoin price is surging. For instance, when
Bitcoin had rallied to $30,000 in April and July of this year,
altcoins had taken a back seat, allowing BTC to enjoy the shine.
Related Reading: Economist Peter Schiff Raises Concerns About Spot
Bitcoin ETFs This time around, the rally has been just as prominent
in altcoins as it has been in Bitcoin, and in some cases, even
outshining BTC’s price trajectory. Some of these altcoins that have
shown teeth this time include Chainlink’s LINK, Polygon’s MATIC,
Aptos’s APT, AAVE, and UIP. All of these altcoins have defied the
established trend with their prices surging double-digits in a
short time. Source: Santiment on X Not only are these altcoins
seeing a lot of success at a time when Bitcoin would be the only
one rallying, but they have also managed to decouple completely
from the leading cryptocurrency. According to Santiment, all of the
named altcoins “are all seeing their best performing decouplings of
2023.” Meme Coins Show Their Prowess As the crypto market rally has
progressed through some of its most bullish stages, other altcoins
such as meme coins have begun to also show a lot of promise. The
usual culprits such as PEPE saw double-digit gains as well, with
ELON rallying up to 57%. Additionally, $BITCOIN also saw a $36 rise
in one week. Source: Santiment on X PEPE has continued to surge as
well and is up 34.55% in the last day, bringing its weekly gains to
51.49%. The meme coin’s run has seen it emerge as a top gainer,
also trending alongside the likes of Bitcoin (BTC) and Chainlink
(LINK). Related Reading: Solana Remains Institutional Investor
Darling As Inflows Continue Another altcoin that stands out is
Troller’s TRB. The coin rose around 750% in a 3-month period to
emerge as one of the winners of the rallies. It also saw large
transactions from unique whale addresses, suggesting a very high
level of interest in the altcoin from investors. Source: Santiment
on X In all, this rally is completely different from the previous
rallies recorded this year in that the whole market seems to be
pulling up together. This is interesting because rallies like these
are usually seen in bull markets, with 2021 serving as a perfect
example. BTC price falls below $34,400 support | Source: BTCUSD on
Tradingview.com Featured image from Business Insider, chart from
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