Santiment: Most altcoins rely on Bitcoin’s stability for growth

Santiment said that the cryptocurrency community’s attention has turned to Bitcoin through social and on-chain metrics after the U.S. Securities and Exchange Commission (SEC) mistakenly announced the approval of a Bitcoin ETF. Santiment noted that while Bitcoin fell to as low as $45,400, many altcoins saw significant gains.

Altcoins surge higher | Source: santiment

Santiment noted that the recent surge in altcoins may have attracted investors to trade more speculative assets. However, they noted that a lack of trust in the leading cryptocurrency in terms of market capitalization will inevitably lead to the collapse of many altcoins that rely on Bitcoin’s market capitalization to remain stable.

Several prominent altcoins surged in price following the fake ETF approval announcement, with Ethereum rising from a daily low of $2,228 to close at $2,345, according to TradingView.

AAVE recouped some of the day’s losses, rebounding from a low of $92.42 to close the day at $96.48. LDO had an impressive run, rising from $3.12 to $4 before easing back to close near $3.76.

Bitcoin price fluctuated significantly after the SEC issued a fake ETF approval announcement. Earlier on Tuesday, a now-deleted post appeared on the SEC’s X (formerly Twitter) account announcing the acceptance of a Bitcoin ETF. Following the news, BTC surged, reaching a new yearly high of $47,897, according to TradingView.

The U.S. Securities and Exchange Commission has reject The announcement also claimed that their X account was compromised and noted that they have not yet approved the listing and trading of Bitcoin spot exchange-traded products (ETPs). Based on the report, the Committee will work with law enforcement and other government partners to investigate the matter and determine appropriate next steps related to the unauthorized access and any unauthorized access misconduct.

Bitcoin prices fell to $44,903 on Tuesday after the SEC refused to approve a Bitcoin ETF, according to TradingView data, below what Santiment had previously reported. As of this writing, the leading cryptocurrency is trading at $45,368, as most community members believe the ETF is close to approval.

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