Most Altcoins Depend on Bitcoin’s Stability to Thrive: Santiment

• According to Santiment, despite Bitcoin declining as low as $45,400, many altcoins surged significantly.
• Santiment observed that the recent altcoins surge may have attracted many investors to trade in more speculative assets.
• The analytics platform noted that a lack of confidence in BTC would lead to the downfall of many market caps.

According to Santiment, the market intelligence platform with on-chain and social metrics, the crypto community’s attention shifted toward Bitcoin following a false Bitcoin ETF approval announcement by the U.S. Securities and Exchange Commission (SEC). Santiment noted that despite Bitcoin declining as low as $45,400, many altcoins surged significantly.

The market intelligence platform observed that the recent altcoins surge may have attracted many investors to trade in more speculative assets. However, it noted that a lack of confidence in cryptocurrency’s top asset would inevitably lead to the downfall of many market caps that rely on BTC’s market cap to stay steady.

Some of the notable altcoins that surged following the false ETF approval announcement include ETH, which rallied from a daily l…

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