Altcoins including Apecoin, Aave and Lido have shown significant activity alongside Bitcoin’s recent surge above $30k.
The uptrend of altcoins suggests a possible wave of activity once BTC’s full bull run begins.
Now that Bitcoin [BTC] hitting the $30,000 threshold has captured most of the market’s attention, it’s time to consider the altcoins. Altcoins, such as ApeCoin [APE]Aaf [AAVE]and lido [LDO] have also experienced great activity.
Read Apecoin’s [APE] Price Forecast 2023-24
Research on the volume and supply of altcoins on exchanges
Per data from Sanitation, APE’s major trades coincided with a significant spike in daily trading volume, the largest in six weeks. In addition, the supply of the altcoin on exchanges experienced a noticeable uptick. This indicated that some coins may have returned to the exchange following a transfer of $27.9 million between exchanges.
On the other hand, Aave’s $21.4 million transaction impacted transaction volume, which hit a five-week high on April 13. However, the supply on exchanges decreased after the transfer.
As for Lido Dao, the altcoin’s $15.6 million transactions came after four weeks of high on-chain transaction volume. The supply on exchanges has only increased slightly in recent days.
Analysis of the altcoin/BTC price correlation
By examining data from Santiment, a more clear correlation between Bitcoin and altcoin prices could be observed. The chart revealed that the movement of the leading altcoins, such as APE, AAVE, and LDO, mirrored BTC’s oscillations.
In addition, both LDO and AAVE, with the exception of APE, recently showed an upward trend in their prices, with a higher high on their price chart.
A look at APE in a daily time frame
Nevertheless, considering the movement on APE on a daily time frame, it appeared that it has also been in an uptrend for the past few days. The chart revealed that APE trended up for four consecutive days and witnessed an almost 8% increase in value.
At the time of writing, the token was trading at around $4.51, representing a gain of just under 1%.
In addition, the price increase had propelled it above the neutral line on the Relative Strength Index (RSI). In addition, the Moving Average Convergence Divergence (MACD) was trending above zero. The RSI and MACD together indicated that the token had entered a bull cycle and could maintain one.
– How much are 1,10,100 APEs worth today
As Bitcoin crosses the $30,000 threshold, the biggest beneficiaries could be BTC and altcoin holders. While a full-fledged BTC bull run has yet to begin, we can anticipate a flurry of activity with other alternative coins once it does.
This post Altcoins take center stage as BTC crosses $30,000: APE, AAVE, LDO study
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