- Altcoins are skyrocketing, with Arbitrum, Aptos, Loopring, Optimism, and Rocket Pool showing double-digit price gains.
- Ethereum Price Breaks $2,100 and ARB, RPL and OP Prices are One of the Biggest Gainers among the Top 100 Cryptocurrencies by Market Cap Today.
- Analysts say altcoins are buoyed by ETH’s post-Shanghai breakout despite Bitcoin’s waning dominance.
Altcoins are thriving, but amid the recent surge in Ethereum prices, it will take some time to see the joy, a top analyst said.
Crypto Market Intelligence Platform Santiment highlight The move between altcoins comes within a profit pivot from Bitcoin to smaller cryptocurrencies. A reversal of sentiment also comes as Ethereum dominates the volume of social discussion after breaking his $2,000 mark.
ARB, RPL, and OP prices surge as profits migrate to altcoins amid ETH breakout
Several altcoins followed suit on Friday, including Aptos (APT), Arbitrum (ARB), Rocket Pool (RPL), Optimism (OP) and Loopring (LRC) as ETH surpassed $2,100 for the first time since May 2022. recorded a mega move. .
Arbitrum surged more than 18% over the past 24 hours to reach a high of $1.57. Aptos price also saw him gain double digits as the bulls pushed his $14.
Meanwhile, Loopring traded +11% to a high of $0.45 in 24 hours, while Rocket Pool traded 18% to close to $52. The optimism price rose to $2.64 with an additional +10% gain.
The altcoin market is starting to flourish after Bitcoin (BTC) has dominated over the past few weeks, according to on-chain data.
📈after #bitcoin‘s price advantage over many assets earlier in the week, Thursday #Altcoin‘Turns into a glow that day #Ethereum Finally topped $2000 for the first time in 8 months. Among the top 100 assets by market capitalization, $ARB, $APT, $HEXand $RPL I am making big profits. pic.twitter.com/soZJtaYwFP
— Santiment (@santimentfeed) April 13, 2023
BTC extended gains above $30,000 and hit a new high of $30,800 on Friday, but Ether saw a big move after a hugely successful Shanghai upgrade.
ETH/USD first climbed above $2,000, followed by $2,100 (buying pressure pushed Ethereum’s price to a new all-time high of $2,130 on crypto exchange Bitstamp.
Analyst Captain Fibik To tell Bitcoin’s dominance, as measured by the formation of a parabolic curve of market capitalization, indicates a selling point. BTC’s dominance shrank to 44% while Ethereum’s dominance rose to 19%. As BTC price rises and BTC.D falls, it suggests that alts have a very bullish opportunity and may start to rally.
$BTC.D Forming a parabolic curve in a 1D TF chart.
Very bullish on altcoins. ✍️#Crypt #Altcoin #bitcoin pic.twitter.com/TsSPvVkIIz
— Captain Faibik (@CryptoFaibik) April 14, 2023
Altcoin rally?Analyst warns traders
Top Crypto Analyst Calls Ethereum “Altcoin Leading Indicators‘ (I emphasized Rekt Capital’s view here), some say the ‘window’ may not be that big and is likely to recede.
Scott Melker, author of The Wolf Den Newsletter, To tell Altcoin traders say “enjoy it while it lasts”
Michael van de Poppe expects Bitcoin to rise to $40,000 and Ethereum to rise in the $2,800 to $3,000 range. Alts should also see some momentum, but the window is likely to be smaller, he noted.
In general, I think this quarter is going to be a fun one.#bitcoin You can keep running towards $40-50,000. #ethereum $2,800-$3,000. #Altcoin Momentum is picking up as confidence returns to the market (and there is a small window in the market).
2H Recession -> Correction #Crypt.
— Michael Van de Poppe (@CryptoMichNL) April 13, 2023