According to the latest analysis from cryptocurrency analysis company Santiment, the flow of profits following the latest rally in Bitcoin has concentrated on some altcoins.
According to analysts, after the BTC rally, the losing streak in altcoins for months began to compensate. Analysts argued that profits from the rally in recent weeks were flowing into large and mid-cap cryptocurrencies such as Status (SNT), SushiSwap (SUSHI) and Bluzelle (BLZ) after the BTC price hovered just below $35,000.
According to the data, SNT gained 108%, SUSHI 82% and BLZ 39% in the last seven days.
In another analysis, Santiment analysts evaluated the correlation between Bitcoin, Ethereum and the S&P 500 index. According to analysts, the S&P 500 experienced a major rally this week, with the rally in Bitcoin and Ethereum pausing for now. Santiment said that following the rallies experienced by the sectors, it will be revealed next week whether cryptocurrencies are still dependent on the movements in the stock market.
The recent rally in BTC was partially triggered by speculation regarding the approval of BlackRock's spot ETF application.
*This is not investment advice.