u.today
In what might be a classic "Uptober," Bitcoin and altcoins are currently in green at the week's start.
Bitcoin temporarily crossed $30,000 twice in the last week as investors were increasingly convinced that a spot Bitcoin ETF might be approved soon. Bitcoin is sustaining above $30,000 and is currently trading at $30,536.
On-chain analytics firm Santiment observes an interesting scenario as Bitcoin once again surpasses the $30,000 mark.
Santiment noted that, unlike Bitcoin's previous two brief excursions above $30,000, this current rise to the much-coveted key price level has altcoins surging and outperforming BTC rather than falling behind the BTC price.
In the last 24 hours, some altcoins, including Polygon (MATIC), have posted double-digit increases in what Santiment regards as the "best performing decoupling of 2023."
📈 Unlike #Bitcoin's previous two brief visits to $30K, this latest resistance level break to end the weekend has occurred as #altcoins surge, rather than falling behind $BTC's price. $LINK, $MATIC, $UIP, $APT, and $AAVE are all seeing their best performing decouplings of 2023. pic.twitter.com/ci7MPh25yf
— Santiment (@santimentfeed) October 23, 2023
According to Santiment, altcoins such as LINK, MATIC and AAVE are seeing their best performance decouplings in 2023.
At the time of writing, MATIC was up 9.19% in the last 24 hours to $0.615. The crypto token has gained 17.42% in the last seven days.
MATIC initiated a rise on Oct. 19, and taken from this date, the crypto asset might be set to mark its fifth consecutive day of gains if today closes in green.
In the course of the climb, MATIC surpassed the daily MA 50 barrier, currently at $0.536, which has hampered its price since August.
PIP-29, proposing the formation of the Polygon Protocol Council, went live last week. The planned 13-member community-governed council will be in charge of timelock-limited updates to Polygon system smart contracts, which are components of Polygon protocols implemented as smart contracts on Ethereum.