BlackRock Test for Solid Altcoins Pushed APE Down
ApeCoin (APE) experienced huge volatility in the last two days after BlackRock registered iShares Ethereum Trust in Delaware on Thursday. This move fueled speculation that BlackRock has joined the race for the first spot Ethereum-ETF.
Ethereum (ETH) prices surged by 9.2% to $2063 on the news, latter erasing more than a half of the gains. This is where most strange things happened with some altcoins. APE lost 25.0% to $1,144. The next day ApeCoin has recovered more than a half of its previous day losses and settled at $1,424. Meanwhile, ETH added 13%, while APE was still 4.7% below Thursday opening prices.
Many altcoins have suffered. Some of the altcoins have quickly recovered and went into a positive territory, while others like APE are still in a negative zone. This ‘altcoins quake’ could become a watershed between weak and strong altcoins. APE unfortunately has joined the first group.
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