Bitcoin and various other cryptocurrencies are showing positive signs as the week begins, which might indicate a positive trend for October. This means that their prices are rising.
Bitcoin recently crossed the $30,000 mark two times within the past week, sparking optimism among investors. It is currently trading at $30,536.
Santiment, an on-chain analytics firm, has observed an interesting trend accompanying this move. Unlike previous instances when Bitcoin briefly exceeded $30,000, this time, altcoins are also experiencing significant price increases, outperforming Bitcoin instead of declining in value.
In the last 24 hours, several altcoins, including Polygon (MATIC), have recorded double-digit price gains, leading Santiment to describe this as the “best-performing decoupling of 2023.” This suggests that altcoins are breaking away from Bitcoin’s price movements and charting their own growth trajectories.
📈 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
Altcoins like LINK, MATIC, and AAVE are currently showcasing their best performance decouplings from Bitcoin in 2023. As of now, MATIC has surged by 9.19% in the last 24 hours, reaching a price of $0.615. Over the past week, it has gained 17.42%.
Starting on October 19, MATIC began a notable upward trend, and it seems poised to close today with gains for the fifth consecutive day. During this climb, it successfully surpassed the daily Moving Average (MA) 50 barrier, which had been limiting its price since August and is currently positioned at $0.536.
A significant development for MATIC was the initiation of PIP-29, which proposes the establishment of the Polygon Protocol Council. This community-governed council, consisting of 13 members, will have authority over timelock-limited updates to the smart contracts of Polygon system components, a crucial part of the Polygon protocols running as smart contracts on the Ethereum network.
Important:Â Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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