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As the end of 2023 approaches, Bitcoin experienced an unexpected drop to below the $42,000 level but managed a minor recovery back to $42,100. The price, which had risen to $44,000 in previous weeks, fell to $41,650 today in the evening. The Bitcoin drop also affected altcoins, but some continue to defy the market.
Top Altcoins and Their Price Surge
Recent news indicates a series of resignations at Grayscale, which was followed by a sharp decline in Bitcoin’s price. It would not be entirely accurate to say that the drop was limited to BTC alone.
Notable price drops were observed in some top volume altcoins like SOL, XRP, ADA, BNB. Despite these drops, some altcoins continue to perform strongly.
During the day, Harvest Finance (FARM), an Ethereum-based project, caught attention with a significant rise to $59.69, making it the most rewarding altcoin for investors at the time of writing.
After a period of stable pricing, FARM experienced a 41% increase even as BTC fell in the market. The altcoin’s price structure changed rapidly due to swift purchases, leading to an incredible 1369% increase in 24-hour trading volume, surpassing $45 million.
The market cap also rose by 45% to $40 million. Following the activity, FARM climbed to the 674th position in the market cap rankings.
Another altcoin that caught investors’ attention was Biswap (BSW), which saw a 34.63% increase. According to Binance indicators, this surge over the last hour brought its price to $0.1354. The 24-hour trading volume saw an incredible increase of 1360%, reaching $159 million, while the overall volume of the altcoin interestingly only increased by 34% to $60 million.
Lastly, unlike Bitcoin, Perpetual Protocol (PERP) also experienced a rise, increasing by 40% to $1.2134 despite the general market downturn.
PERP also saw an increase in trading volume, with an incredible 1798% rise in 24 hours, reaching $234 million. The overall volume of PERP was at $80 million at the time of writing.
Current Situation with Bitcoin
Bitcoin had experienced a relentless rise in recent weeks, which also impacted altcoins. After the drop from the peak of $44,400, the price is undergoing minor pullbacks. As of writing, the price stands at $42,200.
With the New Year’s excitement and ETF expectations, Bitcoin’s price always has the potential to start a positive movement again. Although altcoins are seen to have a high correlation with Bitcoin, it is possible to observe some that diverge in certain situations.
