In the midst of Bitcoin (BTC) trading around the $30,000 mark, several altcoins are seizing the moment and enjoying mini breakouts, according to blockchain analytics platform Santiment.
Alternative Altcoin on the Rise
In a recent tweet, Santiment links these cryptocurrency rallies to two main elements. First, Bitcoin’s recent rally is redistributing earnings to altcoins, making them rise.
Second, the recent spot Bitcoin exchange-traded fund (ETF) applications have boosted traders’ optimism, prompting them to investigate alternative coins.
While Bitcoin has been trading within the $29,000 to $31,000 range for the past week, the altcoins are showing signs of significant gains.
Stellar (XLM) Leads the Way with a 12% Rally
In the latest rally, Stellar (XLM), a cryptocurrency rival to XRP, surged 12%. XLM is at the forefront of the cryptocurrency rise because of its enormous price growth. Stellar (XLM) is currently trading at $0.10, up 18.3% in the last week. Stellar is now one of the market’s best-performing altcoins, making it appealing to traders and investors.
Arbitrum (ARB) Follows Closely with a 7% Price Increase
Next up is, Arbitrum (ARB), Ethereum’s scaling solution, which has also seen a price hike. Arbitrum’s 7% price rise has caught traders’ attention. Arbitrum (ARB) currently trades at $1.14, up 2% in the past week. This performance shows the growing interest in scaling solutions to solve Ethereum’s scalability problems, paving the door for growth and acceptance.
Solana (SOL) and Monero (XMR) Show Solid Gains of 5%
Whereas, Solana (SOL) and Monero (XMR) also gained 5% in the altcoin market. These price increases encourage investors to seek growth opportunities. Last week, Solana (SOL) rose 4.8% to $17.76. Solana’s growth shows its endurance and promises as an altcoin investment in the current market. Monero (XMR) rose 8% in the past week to $163.28. Notably, Monero’s privacy and security features have attracted investors and boosted its price.
Large Whales Buzzing Crypto?
Beyond the price movements, Santiment has also seen significant investor involvement. Wednesday was one of the top three whale transaction days in 2023 due to large cryptocurrency transfers worth $10 million. MATIC, CHZ, CRV, and even USDT are garnering interest and investments, hence Santiment recommends watching them.
Interestingly, Santiment notes that many crypto traders started the week with a bearish bias, a historical market indication of a positive market. After last Friday’s crypto market peak, traders expected prices to continue retracing, offering opportunities to buy in the $27,000 to $29,000 region. However, the substantial pessimistic mood has raised the chance of a price rise.
Conclusion
Traders face risks and benefits as altcoins become more volatile this week. While Bitcoin is above $30,000, the altcoin business is at the forefront due to earnings redistribution and ETF confidence. Crypto enthusiasts eagerly await market developments.
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