Altcoins
On-chain tracking highlights an interesting difference between current and past rallies
Current Bitcoin the rally took most of the crypto space by surprise after going from less than $27,000 to $35,000 in less than two weeks. As prices continue to climb, on-chain data tracker Santiment revealed something different between Bitcoin’s current rally and its previous rallies above $30,000.
Altcoins refuse to be left behind by Bitcoin
In the report published on X (formerly Twitter), Santiment revealed that altcoins have changed their usual routine when the price of Bitcoin rises. For example, when Bitcoin hit $30,000 in April and July of this year, altcoins took a back seat, allowing BTC to enjoy the shine.
This time, the gathering was just as important altcoins as has been the case in Bitcoin, and in some cases, even surpassing BTC price trajectory. Some of these altcoins that have shown some bite this time around include Chainlink’s LINK, Polygon’s MATIC, Aptos’ APT, AAVE, and UIP. All these altcoins defied the established trend with prices soaring by double digits in a short period of time.
Source: Santiment on X
Not only these altcoins They were very successful during a time when Bitcoin would be the only one to recover, but they also managed to completely disassociate themselves from the leading cryptocurrency. According to Santiment, all named altcoins are “all experiencing their best performing decouples of 2023.”
Meme coins show off their prowess
As the crypto market rally has passed some of its most bullish stages, other altcoins such as meme coins have also started to show a lot of promise. The usual culprits such as PEPE also saw double-digit gains, with ELON up as much as 57%. Additionally, $BITCOIN also saw an increase of $36 in a week.
Source: Santiment on X
PEPE also continued to advance and is up 34.55% over the past day, bringing its weekly gains to 51.49%. The meme coin’s run has seen it emerge as one of the biggest winners, also alongside Bitcoin (BTC) and Chainlink (LINK).
Another altcoin that stands out is Troller’s TRB. The coin rose by around 750% over a 3-month period to become one of the winners of the rallies. It also saw significant transactions from unique whale addresses, suggesting a very high level of investor interest in the altcoin.
Source: Santiment on X
Overall, this rally is completely different from previous rallies recorded this year in that the entire market appears to be rallying. This is interesting because such rallies are usually seen in bull markets, with 2021 being a perfect example.
BTC price falls below $34,400 support | Source: BTCUSD on Tradingview.com
Featured image from Business Insider, chart from Tradingview.com