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 rise, on-chain data tracker Santiment has revealed something different between the current Bitcoin rally and the previous rallies above $30,000.
Altcoins refuse to back Bitcoin
In the report posted on X (formerly Twitter), Santiment revealed that altcoins have changed their usual routine for when the Bitcoin price rises. For example, when Bitcoin rose to $30,000 in April and July of this year, altcoins had taken a backseat, allowing BTC to enjoy the shine.
This time, the rally was as prominent among altcoins as it was among Bitcoin, and in some cases even better than 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 these altcoins have defied the established trend and their prices have increased by double digits in a short time.
Source: Santiment on X
Not only are these altcoins finding great success at a time when Bitcoin would be the only one to rally, but they have also managed to completely separate themselves from the leading cryptocurrency. According to Santiment, all altcoins mentioned “are all seeing their best-performing disconnects of 2023.”
Meme coins show their prowess
While the crypto market rally has gone through some of its most bullish phases, other altcoins, such as meme coins, are also starting to show a lot of promise. The usual culprits like PEPE also saw double-digit gains, with ELON soaring up to 57%. Furthermore, $BITCOIN also saw an increase of $36 in one week.
Source: Santiment on X
PEPE has also continued to rise, gaining 34.55% over the past day, bringing its weekly gain to 51.49%. The rise of the meme coin has made it a top winner, which is also popular alongside Bitcoin (BTC) and Chainlink (LINK).
Another altcoin that stands out is Troller’s TRB. The coin rose by around 750% in a three-month period and emerged as one of the winners of the rallies. There were also large transactions from unique whale addresses, indicating that investors are very interested in the altcoin.
Source: Santiment on X
Overall, this rally is completely different from the previous rallies this year as the entire market seems to be uniting. This is interesting because these types of rallies typically occur 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