The leading cryptocurrency Bitcoin (BTC) fell back to $ 16,800 after the FED minutes announced while trying to rise above $ 17,000. While BTC continues its horizontal movements in a narrow range and the struggle of $ 17,000, some altcoins diverged from BTC and recorded a slight increase.
Stating that there are altcoins that differed positively from BTC and increased by about 50%, Santiment analyst Brianq said that these are Solana (SOL), Lido Dao (LDO), Bitdao (BIT), Aptolar (APT) and Ethereum Classic (ETC). The analyst noted that SOL increased by 40%, LDO by 42%, BIT by 41% and APT by 21%. Stating that these increases are quite good in the dead market caused by the bear market, the analyst said about Solana:
“Just a week ago, many considered Solana a dead project. However, the reaction of the market to this situation of Solana was harsh. SOL has seen massive volume growth here after a massive divergence of close to 20% from the markets.”
On the other hand, referring to Ethreum Classic, the analyst stated that ETC enjoyed a very good rally on its own.
“And another old friend, Ethereum Classic, is enjoying a pretty good rally on its own. Not only is ETC high in volume, it is also facing large-scale short selling on exchanges by traders.”
At the end of his analysis, “So is it possible for the rise in these altcoins to continue?” Answering the question, the analyst drew attention to the funding rate in the exchanges, which he sees as a good indicator of whether the rise in altcoins will continue.
Emphasizing that the funding rate is currently at a rather mixed level, Brianq said:
“Does this necessarily mean that altcoin bullishness is over? No way. However, this funding rate means that altcoins are less likely to continue to rise.”
Finally, stating that traders should typically be afraid for the markets to rise, Brianq said that it is closely related to whether the ‘buy from the bottom‘ discourse is spoken everywhere.
“Because if this rally is met with disinterest, more exciting price hikes could be seen among investors to bring back FOMO, or fear.”