Altcoins Rally Amid Bitcoin And Ethereum Dips As FUD Subsides
Despite Bitcoin dipping slightly to $57.3K and Ethereum dropping to $2.3K over the past week, altcoins are seeing a resurgence.
The fear, uncertainty, and doubt (FUD) surrounding major crypto assets have eased, allowing several altcoins to rebound with minimal resistance.
Despite Bitcoin's slight dip ($57.3K) and Ethereum's bigger dip ($2.3K) over the past week, altcoins have begun to rally once again. Crowd FUD has played a big factor in many of these projects rebounding with little resistance. Top weekly performers include:
@fellazxyz pic.twitter.com/FuBxX71vZa
Santiment (@santimentfeed) September 11, 2024
The focus for Ethereum now turns to its funding rate, which needs to rise above 0.015 to signal the start of a stronger bull trend. This level is seen as a crucial indicator for healthy price growth, with funding rates being a key factor during bullish market phases.
#Ethereum: Watch Out for the 0.015 Point in Funding Rates
"Ether's funding rate to rise above 0.015 to see if the calm before the storm breaks. A move above this level in funding rates is crucial for tracking healthy increases during bull markets." By @burak_kesmeci
Link pic.twitter.com/NKCYkRbVbe
CryptoQuant.com (@cryptoquant_com) September 12, 2024
Ethereum Spot ETFs Recorded Mixed Flows
Meanwhile, on September 11, Ethereums spot ETFs experienced mixed flows. The total net outflow from Ethereum spot ETFs reached $542,900, driven mainly by the VanEck ETHV ETF, which saw an outflow of $1.71 million. However, Fidelitys FETH ETF registered an inflow of $1.1686 million, reflecting continued interest from institutional investors.
On September 11, the total net outflow of Ethereum spot ETF was $542,900. Fidelity ETF FETH inflow was $1.1686 million. VanEck ETHV outflow was $1.71 million. https://t.co/Tvs2oCSxTg
Wu Blockchain (@WuBlockchain) September 12, 2024
As Ethereums price stabilizes, attention will remain on whether the market can regain momentum. If funding rates climb, it could signal a renewed rally for Ethereum, potentially benefiting altcoins even further.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any project.
Follow us on Twitter @nulltxnews to stay updated with the latest Crypto, NFT, AI, Cybersecurity, Distributed Computing, and Metaverse news!
Image Source: pwsr01/123RF // Image Effects by Colorcinch
Read more: https://nulltx.com/altcoins-rally-amid-bitcoin-and-ethereum-dips-as-fud-subsides/
Text source: NullTX
