Altcoins Rally as Bitcoin Tops $30,000

Bitcoin and altcoins are in the green at the start of the week, in what could be a classic “Uptober.”

During the past week, Bitcoin briefly surpassed $30,000 twice as investors grew increasingly confident that a Bitcoin spot ETF would be approved soon. Bitcoin continues to trade above $30,000 and is currently worth $30,536.

As Bitcoin again surpasses $30,000, the on-chain analytics firm Santiment observes an intriguing situation.

Santiment observed that, unlike Bitcoin’s previous two brief excursions above $30,000, the current rise to the highly-desired key price level has altcoins surging and outperforming BTC, as opposed to falling behind the BTC price.

Some altcoins, including Polygon (MATIC), have posted double-digit gains in what Santiment considers the “best-performing decoupling of 2023” over the past 24 hours.

According to Santiment, altcoins like LINK, MATIC, and AAVE will experience their best decoupling performance in 2023.

MATIC’s price at the time of writing was $0.615, up 9.19% in the previous 24 hours. The cryptocurrency token has gained 17.42% over the past week.

MATIC began to rise on October 19, and if today’s trading session closes in the green, this will mark the fifth consecutive day of gains for the cryptocurrency.

During the ascent, MATIC surpassed the daily MA 50 barrier, currently at $0.536, which has restrained the stock price since August.

Last week, PIP-29 went live, proposing the formation of the Polygon Protocol Council. The proposed 13-member community-governed council will be responsible for timelock-limited updates to Polygon system smart contracts, which are Ethereum-implemented Polygon protocol components.