Altcoins take the center stage as BTC crosses $30k: Examining APE, AAVE, LDO
Now that Bitcoin [BTC] capturing the $30,000 threshold has garnered most of the attention from the market, its time to consider the altcoins. Altcoins, such as ApeCoin [APE], Aave [AAVE], and Lido [LDO] have also been experiencing major activity.
Read Apecoin’s [APE] Price Prediction 2023-24
Per data from Santiment, APE’s major transactions coincided with a significant spike in daily trading volume, which was the largest in six weeks. Moreover, the supply on exchanges of the altcoin experienced a noticeable uptick. This indicated that some coins might have returned to the exchange after a transfer of $27.9 million between exchanges.
On the other hand, Aave’s $21.4 million transaction impacted the transaction volume, which reached a five-week high as of 13 April. However, the supply on exchanges decreased following the transfer.
As for Lido Dao, the altcoin’s $15.6 million worth transactions came after a four-week high on-chain transaction volume. The supply on exchanges only slightly increased in the past few days.
By examining data from Santiment, a more apparent correlation between the prices of Bitcoin and the altcoins could be observed. The chart revealed that the movement of the leading altcoins, such as APE, AAVE, and LDO mirrored the oscillations of BTC.
Source: Santiment
Furthermore, except for APE, both LDO and AAVE showed an uptrend in their prices recently, with a higher high observed on their price chart.
Nonetheless, considering the movement on APE on a daily timeframe demonstrated that it has also been on an uptrend over the past few days. The chart revealed that APE has been trending upwards for four consecutive days and witnessed a gain of almost 8% in value.
As of this writing, the token traded at around
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