In the dynamic world of cryptocurrency markets, recent trends have shed light on intriguing divergences in the altcoin market, especially between ETH and SOL, compared to Bitcoin. A comprehensive report published by onchain analytics company Glassnode delves into this issue.

Altcoin dynamics have changed: ETH and SOL lead the post-ETF era

In Glassnode's latest edition of “The Week Onchain,” Alice Kohn's research published on January 23, 2024 highlights ETH's outstanding performance, marked by a notable increase in derivatives market activity and SOL's impressive journey, especially the post-Bitcoin exchange-traded fund (ETF) approval event. ETH recently overtook BTC, posting its strongest performance since late 2022. Kohn's report noted ETH's value increased by more than 20% compared to BTC, coinciding with renewed interest in the derivatives market. generate ETH.

BTC and ETH perpetual open interest dominance ratio | Source: Glassnode

This resurgence signals a change in potential capital flows and has led to growing speculation about an upcoming Ethereum spot ETF. However, despite those gains, ETH still lags the broader altcoin market in terms of momentum, underperforming by 17%. On the other hand, according to Glassnode's report, Solana has its own path. Indeed, SOL achieved exceptional price performance last year, despite the headwinds associated with its association with FTX.

SOL has significantly outperformed ETH during this period, with the SOL/BTC ratio increasing by 290% since October 2023. Interestingly, unlike ETH, SOL's price did not experience a significant reassessment following the approval of the BTC ETF, as Glassnode's Kohn suggested in light of the market's different reactions to the industry's movements. Overall, the altcoin market has seen its market capitalization increase by nearly 69% since the Blackrock Bitcoin ETF filing.

On January 14, 2024, the BlockchainCenter Altcoin Season Index shows the start of altcoin season. The index continues to declare it “altcoin season,” with the top 50 coins outperforming BTC in the previous season (90 days). Glassnode's Kohn emphasized that this trend is primarily driven by tokens related to Ethereum scaling solutions such as Optimism, Arbitrum, and Polygon. Gamefi tokens and staking also outperformed BTC in the early part of 2023, showing diverse risk tolerance across different altcoin sectors.

Kohn's research highlights the significance of these developments: “Approval of new Bitcoin ETFs has become a classic sell-out event, leading to a tumultuous few weeks in the markets.” Glassnode says that ETH has emerged as the short-term winner, as investors recorded their highest net gains in years. This shows a growing willingness to engage in speculative activities, especially related to the ETH ETF and capital movements.

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