Recent insights from the Santiment, a market intelligence platform, underline the noteworthy performance of three altcoins – AAVE, ADA, and CRV – amid Bitcoin’s fluctuating price. As Bitcoin touched the $28K threshold in October, these altcoins exhibited intriguing activity, suggesting potential decoupling opportunities in the future.
📈 There were several price rebounds during #Bitcoin's visit above $28K to open October. And three #altcoins in particular ( $AAVE, $ADA, and $CRV ) had opportunists moving coins during the short profit window. They could have potential decouples coming. https://t.co/E14ek3ypwR pic.twitter.com/1CoVyxBwNI
— Santiment (@santimentfeed) October 2, 2023
After starting October on a high note, surpassing the $28,000 mark, Bitcoin has experienced a 1.67% decrease, now hovering around the $27,645 range. This retracement coincides with an uptick in bond yields, signaling a dampening appetite for riskier investments.
The surge in Bitcoin’s price at the outset of the month was fueled by heightened optimism surrounding the broader cryptocurrency ecosystem. This sentiment was spurred by the launch of US exchange-traded funds (ETFs) focused on Ether futures. Yet, these Ether-based products haven’t garnered the same enthusiasm as their Bitcoin-focused counterparts, launched in 2021.
According to Cici Lu McCalman, founder of Venn Link Partners, a leading blockchain advisory firm,
Despite the initial enthusiasm, the macro financial landscape remains rate-hawkish. The escalating US Treasury yields certainly placed pressure on Bitcoin.
Drawing closer to highs not observed since 2007, the 10-year US Treasury yield mirrors the rising anticipation of a sustained spell of heightened interest rates. This move by the Federal Reserve aims to address inflationary concerns. Assets like stocks and cryptocurrencies could face significant challenges amidst these stringent financial conditions.
Currently priced at $69.65, Aave has witnessed a 24-hour trading volume of approximately $81.75 million. With just over $1 billion capitalization, it occupies the 43rd spot on CoinMarketCap. While it has dipped 1.65% in the past day, its potential remains noteworthy given its circulating supply and max cap.
Cardano trades at $0.262776 and boasts a 24-hour trading volume surpassing $210 million. Positioned at #8 on CoinMarketCap, it holds a live market cap of approximately $9.23 billion. Its minimal 0.59% drop further emphasizes its stability in turbulent times.
Priced at $0.500531, CRV’s trading volume over 24 hours is about $29 million. Despite a 4.98% decrease, its position at #74 on CoinMarketCap and a market cap nearing $441 million cannot be overlooked.
