Despite weakness in the Bitcoin price action, blue-chip altcoins such as Ethereum, Solana, and Cardano seem to be defying gravity to rise and shine. After panic selling over the past couple of days, the flagship asset still appears to languish underneath $38k. If it ensues then the aforementioned altcoins will have an optimal chance to snatch away the momentum.
Bitcoiners Fear For Bears!
Bitcoin price has been constantly generating lower highs and lower lows over the past couple of months. Yet, the asset is still struggling to gain significant strength around $41.6k support over the past two days. Besides, the Fear and Greed index points to 10 which indicates extreme fear amongst traders. If bears continue to haunt the rally, then the asset would even correct below $38k.
Further, a recent report from Glassnode is creating a lot of fear amongst traders. As there is a possibility of leveraged futures being flushed out of the market. However, the open interest perpetual interest is at its ATH compared to July 25th, hence Bitcoin correction looks imminent before it skyrockets.
ETH, SOL, and ADA To Snatch The Momentum?
Unlike the flagship asset, blue-chip altcoins such as Ethereum, Solana, and Cardano hints for a quick recovery. The aforementioned protocols appear to have oppressed the bearish supremacy on Saturday with 1% gains round the clock. However, these tokens are trading at their historic bottoms, where accumulations look prominent.
An on-chain metric platform Santiment observed that Ethereum, Solana, and Cardano are overly fearful, indicating the buying opportunity. Just a couple of months before they were trading at extremely greedy positions, where they started experiencing sell-offs. In contrast, the current scenario is an absolute fest for buyers.
Collectively, the above metrics give an idea of how blue-chip altcoins Ethereum, Cardano, and Solana would snatch the momentum from Bitcoin. The capital rotation is mandatory in crypto verse, hence the drop in flagship assets would pump these altcoins.
Source: https://coinpedia.org/altcoin/capitulating-weakness-in-bitcoin-eth-sol-ada-are-poised-to-grab-the-momentum/