Altcoins
5 Altcoins to Watch After Fake Bitcoin ETF News: On-Chain Data
Going against market sentiment around the potential approval of the Bitcoin spot ETF by the United States Securities and Exchange Commission (SEC), traders and investors in the crypto space have been subjected to an unnecessary confusion with what could be a premature sharing of the approval announcement on the social media platform. X Tuesday, January 9, 2024. In this context, chain data show that there has been a change in dynamics in exchanges between Bitcoin (BTC) and several altcoins.
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Altcoin Prices Showed Uptrend After Fake Announcement
According to on-chain data from Santiment, there was a clear upward price trend for a few altcoins as the market realized that the announcement of the Bitcoin ETF approval was actually false. While BTC price reached a high of $47,900 following the fake announcement, it quickly fell to a low of $45,500. Earlier, CoinGape postponedd that the false announcement of liquidations worth more than 140 million dollars in the space of a few hours.
However, the price decline was not reflected in altcoins Ethereum (ETH), HEX, AAVE, Lido DAO (LDO), and PEPE. This is one of the rare cases in the recent past where the altcoin market has deviated from the strong correlation with the BTC price. Data watch
that the price rise of these altcoins continued despite the drop in the price of Bitcoin by 3%.
Bitcoin ETF: after approval
While Ethereum, the second largest cryptocurrency in terms of market value, shows resilience with an increase of 3.35% compared to the last 24 hours, the Lido DAO (LDO) Price gained by a whopping 19% during the same period. It remains to be seen whether the altcoin’s rally would be disproportionate to BTC if and when the ETF’s spot approval is officially announced. However, it has been observed historically that a bull run as Bitcoin was often followed by a large flow of funds into altcoins.
Read also: X Confirms US SEC Account Hacked, After Fake Bitcoin ETF Announcement