eToro analyst Mati Greenspan explains why altcoins are surging while BTC is stable

17 Jan, 2019 | Updated: 17 Jan, 2019
by Richard Allen
Bitcoin
eToro analyst Mati Greenspan explains why altcoins are surging while BTC is stable

Some of the more minor altcoins have shown impressive growth in the last 24 hours despite the price of Bitcoin remaining fairly stable at around the $3,600 mark.

Projects like Apollo, Augur, Loopring, Power Ledger, Status, Zilliqa and Steem have risen sharply as the community speculates that some may have been listed on major cryptocurrency exchanges and wallet providers while some others have experienced major development progress.

According to Forbes, the sudden price surge experienced by these relatively small cryptocurrencies indicates how the sector is diverging from Bitcoin.

Senior market analyst at eToro Mati Greenspan explained "There will always be some level of correlation in broad markets. Over the longer term these particular coins are still tightly correlated to bitcoin."

"That said, when you have a news story that highlights a development, it can cause these sudden leaps. What we're seeing now is the effect of a flat market—the overall sentiment noise is dying down so individual token developments are getting more attention."

Despite traders eagerly awaiting to see if these projects will be able to keep a hold of their gains, Greenspan warns that traders shouldn’t expect these types of occurrences to happen often.

"As soon as there's more direction in the wider market, I'd expect that bitcoin and major token correlation amongst these altcoins to snap right back," Greenspan stated.

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