Bitcoin: On-Chain Tracker Points Out Interesting Difference Between Current And Past Rallies

Scott Matherson

1 year ago

3 mins read

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Created by industry experts and meticulously reviewed

The highest standards in reporting and publishing

How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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.

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).

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 Tradingview.com

Scott Matherson

Scott Matherson is a prominent crypto writer at NewsBTC with a knack for capturing the pulse of the market, covering pivotal shifts, technological advancements, and regulatory changes with precision. Having witnessed the evolving landscape of the crypto world firsthand, Scott is able to dissect complex crypto topics and present them in an accessible and engaging manner. Scott's dedication to clarity and accuracy has made him an indispensable asset, helping to demystify the complex world of cryptocurrency for countless readers.

Scott’s experience spans a number of industries outside of crypto including banking and investment. He has brought his vast experience from these industries into crypto, which allows him to understand even the most complex topics and break them down in a way that is easy for readers from all works of life to understand. Scott’s pieces have helped to break down cryptocurrency processes and how they work, as well as the underlying groundbreaking technology that makes them so important to everyday life.

With years of experience in the crypto market, Scott began to focus on his true passion: writing. During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others.

Scott’s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott’s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry.

Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors.
In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else.

Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies.

Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.