Santiment analysts indicated three tokens that have been decoupled from Bitcoin (BTC) in a surprising price spike
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Researchers from Santiment analytical team announced that three high-tech altcoins have been “decoupled” from Bitcoin (BTC) amidst the ongoing crypto pullback. Moreover, all three coins are witnessing impressive spikes in trading volume.
LINK, BAND, REN say farewell to BTC
According to the experts at Santiment, the correlation between the prices of Bitcoin (BTC) and three major altcoins, namely Chainlink (LINK), Ren Protocol (REN) and Band Protocol (BAND) declined yesterday, on Sept. 24. While Bitcoin (BTC) is trying to stay the above $10,600 level (up 2.6 percent in 24 hours), altcoins’ daily gains look much more inspiring.
📈 $REN, $BAND, and $LINK, three popular $ETH-based projects, have individually decoupled away from $BTC today. We see that #Ren and #Chainlink are seeing week-long highs in transaction volume, which can be monitored w/other metrics to find entry points. https://t.co/9sTHCSx9vw pic.twitter.com/0Z2qB4e8hC
— Santiment (@santimentfeed) September 24, 2020
Chainlink (LINK) and Band Protocol (BAND) have broken into the lists of the top gainers on the big spot trading platforms. LINK is up almost 15 percent from yesterday, while BAND is up 10 percent. Even Ren Protocol (REN), with its 5.5 percent upsurge outperforms Bitcoin (BTC) by a wide margin.
Furthermore, Santiment experts emphasize that this price spike is accompanied by a massive liquidity inflow. Ren Protocol (REN) and Chainlink (LINK) have revisited weekly highs in terms of transactional value.
Both price spikes and transactional volume upsurge are evidence of altcoin traders’ enthusiasm. Thus, the positive price performance may continue for a while.
Brutal correction ended?
It should be noted that BAND, REN and LINK started to grow after one of the most painful corrections in the last few months. The Chainlink (LINK) price plummeted 64 percent from the all-time high registered in mid-August at $20.11. Its rapid decline made eccentric millionaire Dave Portnoy leave crypto trading soon after entering this segment.
Band Protocol (BAND) dropped 68 percent in one month and touched a three-month low at $5.54. Crucial integration with Tron (TRX) blockchain and an interesting promotional campaign on CoinMarketCap failed to save BAND from free fall.
It should be noted that both BAND and LINK suffered from the ongoing crypto pullback much more than coins from the DeFi segment. As covered by CryptoComes recently, average losses of DeFi tokens are estimated at 50 percent from the all-time high.
Tokens of the bZx (BZRX) and Curve (CRV) protocols suffered the most with 79 percent and 77 percent declines, respectfully.
Blockchain Analyst & Writer with scientific background. 5+ years in IT-analytics, 2+ years in blockchain.
Worked in independent analysis as well as in start-ups (Swap.online, Monoreto, Attic Lab etc.)