Altcoins take the center stage as BTC crosses $30k: Examining APE, AAVE, LDO
- Altcoins, including Apecoin, Aave, and Lido, have shown significant activity alongside Bitcoin’s recent surge above $30k.
- The uptrend of altcoins suggests a possible flurry of activities once the full bull run of BTC commences.
Now that Bitcoin [BTC] capturing the $30,000 threshold has garnered most of the attention from the market, its time to consider the altcoins. Altcoins, such as ApeCoin [APE], Aave [AAVE], and Lido [LDO] have also been experiencing major activity.
Read Apecoin’s [APE] Price Prediction 2023-24
Examining the altcoins’ volume and supply on exchanges
Per data from Santiment, APE’s major transactions coincided with a significant spike in daily trading volume, which was the largest in six weeks. Moreover, the supply on exchanges of the altcoin experienced a noticeable uptick. This indicated that some coins might have returned to the exchange after a transfer of $27.9 million between exchanges.
On the other hand, Aave’s $21.4 million transaction impacted the transaction volume, which reached a five-week high as of 13 April. However, the supply on exchanges decreased following the transfer.
As for Lido Dao, the altcoin’s $15.6 million worth transactions came after a four-week high on-chain transaction volume. The supply on exchanges only slightly increased in the past few days.
Analyzing the altcoin/BTC price correlation
By examining data from Santiment, a more apparent correlation between the prices of Bitcoin and the altcoins could be observed. The chart revealed that the movement of the leading altcoins, such as APE, AAVE, and LDO mirrored the oscillations of BTC.
A look at APE on a daily timeframe
Nonetheless, considering the movement on APE on a daily timeframe demonstrated that it has also been on an uptrend over the past few days. The chart revealed that APE has been trending upwards for four consecutive days and witnessed a gain of almost 8% in value.
As of this writing, the token traded at around $4.51, representing a gain of just below 1%.
Moreover, the uptrend in price had propelled it above the neutral line on the Relative Strength Index (RSI). In addition, the Moving Average Convergence Divergence (MACD) had been trending above zero. The RSI and MACD together indicated that the token had entered in a bull cycle and could maintain one.
– How much are 1,10,100 APEs worth today
As Bitcoin surpasses the $30,000 threshold, the biggest beneficiaries might be BTC and altcoin holders. While a full-fledged BTC bull run is yet to commence, we can anticipate a flurry of activities with other alternative coins once it does.