Trending coin AAVE and other altcoins have shown a massive upsurge despite Bitcoin going down, while Peter Schiff announced himself as Satoshi
On-chain data aggregator Santiment tweeted that altcoins rose, while Bitcoin was unable to recover the $48,000 level last week.
Bitcoin price drops nearly 8%
In a recent tweet, Santiment has stated that altocoins have been demonstrating unusual behavior related to the decline of the global flagship cryptocurrency, Bitcoin.
Typically, when the price of digital gold drops, altcoins follow suit and head south. This time, however, things did not go as planned.
Over the past week, as Bitcoin failed to hold above the $48,200 level and lost 7.52%, dropping from $48,200 to $44,617.
From April 1 to today, Bitcoin has only managed to regain 3.62% of its losses. As of this writing, BTC is changing hands at $46,195.
AAVE, GMT, ZIL spike ahead of other altcoins
According to data shared by Santiment, while Bitcoin has been struggling, altcoins have been on a massive rise. Among them, four coin have been leading the rise: AAVE has added 42% by today, ZIL has surged 52%, GMT gained 219% and WAVES spiked 45%.
The market cap values of these altcoins have also risen rapidly since last Monday.
Peter Schiff explains why BTC might not grow in the future
Prominent Bitcoin hater Peter Schiff has published another anti-BTC tweet, explaining why he believes there are no guarantees that the leading global cryptocurrency will rise in price in the future, despite going up in the past and despite surging up to the $48,200 level early last week.
The chairman of the SchiffGold fund tweeted that the price of BTC “has no relation to the price of anything people actually need or use.”
Therefore, he continues, one cannot be sure that BTC will go up just because the price of goods and services does.
In another tweet, he reminded Bitcoiners among his followers that over the past year, Bitcoin is down about 20%.
Schiff jokes about being Satoshi Nakamoto
On April 1, after the head of Binance, crypto billionaire Changpeng Zhao (CZ), joked that Peter Schiff might be the mysterious Bitcoin creator Satoshi Nakamoto, the gold bug jokingly admitted that it was indeed so.
He tweeted that as Satoshi he kept Bitcoin for many years and tweeted negative things about it in order to get “paper hands” to sell it so he could buy the 21 million pieces and “have the moon all to yourself”. “
Schiff added that he mentioned “the moon” purposely so that everyone could see that it was an April 1 joke.
