Altcoins thrive amid Ethereum’s breakout to $2,100

Altcoins thrive amid Ethereum’s breakout to $2,100

By Benson Toti - min read
  • Altcoins are soaring, with the prices of Arbitrum, Aptos, Loopring , Optimism and Rocket Pool seeing double digit gains.
  • Ethereum price broke above $2,100 and ARB, RPL and OP prices are among the biggest gainers in the top 100 cryptocurrencies by market cap today.
  • Analysts says altcoins have been buoyed by ETH breakout after Shanghai, even as Bitcoin dominance fell.

Altcoins are thriving, but have a small window to see some joy amid the latest spike for Ethereum price, a top analyst has said.

Crypto market intelligence platform Santiment highlighted the move among altcoins as coming amid a pivot of profits from Bitcoin to smaller cap cryptocurrencies. The sentiment flip around alts also happens at a time Ethereum dominates the social discussion volume following its breakout above $2k.

ARB, RPL and OP prices soar as profits pivot to altcoins amid ETH breakout

On Friday, as ETH broke above $2,100 for the first time since May 2022, several altcoins followed suit, with Aptos (APT), Arbitrum (ARB), Rocket Pool (RPL), Optimism (OP) and Loopring (LRC) registering mega moves.

Arbitrum has spiked more than 18% in the past 24 hours to hit highs of $1.57, while Aptos price was also up double digits as bulls pushed for $14. 

Meanwhile, Loopring traded to highs of $0.45 with +11% and Rocket Pool traded to near $52 with 18% in 24 hours. Optimism price rose to $2.64 with another +10% gain.

According to on-chain data, the altcoin market is starting thrive after Bitcoin (BTC) dominance over the past few weeks.

While BTC extended its gains above $30k – hitting highs of $30,800 on Friday – the major move was seen in Ether after the super successful Shanghai upgrade

ETH/USD first broke above $2,000 and then followed that up with a decent punch above $2,100 (buying pressure pushed Ethereum price to highs of $2,130 on crypto exchange Bitstamp.

Analyst Captain Faibik says the Bitcoin Dominace as measured by the market cap parabolic curve formation is showing a sell point. BTC dominance has shrunk to 44%, while that of Ethereum has risen to 19%. As the price of BTC rises and BTC.D falls, it suggests alts have a massively bullish opportunity and may begin to rally.

Altcoin rally? Analysts warn traders

While top crypto analysts are pointing to Ethereum as “a leading indicator for altcoins,”(we highlighted Rekt Capital’s view here), some have said the “window” might not be that big and a pullback is likely. 

Scott Melker, author of The Wolf Den Newsletter, says altcoin traders should “enjoy it while it lasts.” 

Michael van de Poppe expects Bitcoin to rally to $40k and Ethereum to $2,800-$3,000 range. Alts should be seeing some momentum too – but the window will likely be small, he noted.