- Altcoins are surging with double-digit gains in Arbitrum, Aptos, Loopring, Optimism, and Rocket Pool.
- Ethereum price broke above $2,100 and ARB, RPL, and OP prices were among the biggest gainers among the top 100 cryptocurrencies by market cap today.
- Analysts Say ETH Breakout After Shanghai Has Spurred Altcoins Even As Bitcoin’s Dominance Has Fallen.
Altcoins are flourishing, but there’s a small window to see some happiness amid the latest spike ethereum priceA top analyst has said.
crypto market intelligence platform sentiment Thrown light on The move between altcoins coming in the way of profits pivoting from bitcoin to small cap cryptocurrencies. The sentiment around alts also comes at a time when Ethereum is dominating social buzz volume following a breakout above $2k.
ARB, RPL and OP prices soar as altcoins pivot to profits amid ETH breakout
On Friday, as ETH broke above $2,100 for the first time since May 2022, many altcoins followed suit, with Aptos (APT)Arbitrum (ARB), Rocket Pool (RPL)Optimism (OP) and Looping (LRC) are registering mega moves.
Arbitrum is up more than 18% in the last 24-hours to reach a high of $1.57, while Aptos price was also up double digits as bulls pushed for $14.
Meanwhile, Loopring traded up 11% in 24 hours to a high of $0.45 and Rocket Pool traded up 18% in 24 hours to near $52. The Optimist price rose to $2.64 with another +10% gain.
According to on-chain data, the altcoin market is starting to flourish after the dominance of Bitcoin (BTC) over the past few weeks.
📈 after #bitcoinAt the beginning of the week, Thursday has been dominated by the prices of many assets #altcoins‘ It’s your turn to shine #ethereum Finally breached $2k for the first time in 8 months. Among the top 100 market cap assets, $arb, $ apt, $hexAnd $rpl Big beneficiaries. pic.twitter.com/soZJtaYwFP
— Sentiment (@santimentfeed) April 13, 2023
While BTC extended its gains above $30k – reaching a high of $30,800 on Friday – Ether saw major moves after the super successful shanghai upgrade,
ETH/USD first broke above $2,000 And then followed it up with a decent punch above $2,100 (The buying pressure pushed Ethereum price to a high of $2,130 on crypto exchange Bitstamp.
analyst captain fabik They say Bitcoin dominance as measured by market cap parabolic curve formation is showing a selling point. BTC dominance has shrunk to 44%, while Ethereum has risen to 19%. As the price of BTC rises and BTC.D falls, it suggests that alts have massive bullish opportunities and may begin a rally.
$btc.d Parabolic curve formation in 1D TF chart.
Extremely bullish for Altcoins.#crypto #Altcoins #bitcoin pic.twitter.com/TsSPvVkIIz
– Captain Fabik (@CryptoFaibik) April 14, 2023
Altcoin Rally? Analysts warn traders
While top crypto analysts are pointing to Ethereum as “a leading indicator for altcoins“,”(we highlighted Rekt Capital’s outlook Here), some have said that the “window” may not be that large and a pullback is likely.
Scott Melker, author of The Wolf Den Newsletter, They say to altcoin traders”Enjoy it while it lasts,
Michael van de Poppe expects Bitcoin to rally to $40k and Ethereum to the $2,800-$3,000 range. Alts should also see some momentum – but the window is likely to be smaller, he said.
In general, I think we’re going to have a fun quarter.#bitcoin May continue to move towards $40-50K, #ethereum Up to $2,800-3,000. #Altcoins Gaining more momentum as confidence is back in the markets (and they have a short window).
Slowdown in H2 -> Correction on #crypto,
— Michael van de Poppe (@CryptoMichNL) April 13, 2023