Tokens “are done waiting for ETH to bounce back: they’re paving their own bull run.” So says Santiment, a data analytics platform that focuses on public blockchain activity as well as social media sentiment analysis.
“Particularly over the last month or so, we’re seeing a number of ERC 20 projects completely break their ETH price interdependence and start dancing to their own beat,” they say.
BAT in particular has been quite bullish for much of this month in anticipation of Coinbase listing and following the launch of a new browser as well as growing user numbers.
They jumped another 25% yesterday after Coinbase finally announced their BAT listing, with the token so seeing a price increase while eth has remained stable as seen in the featured image above.
MKR is another decoupling token after their product, DAI, became one of the success story of 2018 for the blockchain space.
The algorithmically dollar pegged token has increased in market cap to $68 million, with multi-collateral DAI expected to be released in due course.
That will allow other coins and tokens, as well as potentially centralized stablecoins, to be used as collateral in addition to eth.
The third example given is ZRX which turned very bullish after it was listed on Coinbase last month.
They launched a new protocol as well to facilitate decentralized exchanges (dex), with the token becoming one of the most valuable ERC20.
“Logically this price movement should eventually find its way to ETH as well,” Santiment says, adding: “A similar pattern happened in 2016-2017 when ETH launched the explosive bull run and BTC followed.”
Ethereum based tokens have now risen in market cap to $12.8 billion, translating to circa 63% of eth’s $20.5 billion market cap.
That’s up from around 40% previously, with the decoupling suggesting that at least some tokens are forming their own ecosystem and community. So seeing their price affected by factors unrelated to ethereum.
Whether that will eventually translate into an eth price action, remains to be seen, with Santiment arguing that “the bull market has started. It’s not about ‘when’ anymore – it’s about ‘who.’”