Altcoins
Why crypto whales are betting big
The bull market roars once again! Despite a brief decline last week, Bitcoin quickly regained its footing, climbing back above the $70,000 threshold to reach an impressive level. $73,515marking a sharp rise of 2.6% in just 24 hours.
On the other hand, major holders and whales strategically diversify their portfolios, focusing Bitcoin to large-cap altcoins like Solana (SOL), Binance Coin (BNB), and Avalanche (AVAX). These alternative cryptocurrencies have seen remarkable double-digit gains, signaling a broader market shift.
Viewpoints from QCP Capital
The analysis of QCP Capital, a distinguished company based in Singapore, offers valuable insights into the current Bitcoin landscape. Their assessment points to a significant decline in perpetual funding rates, hinting at potential changes in long-term interest rate dynamics and sparking debate over future spot prices.
As March/April futures remain below the 30% mark and Binance futures report lower rates than Deribit, further normalization of funding rates is expected. QCP Capital highlights the importance of skillfully managing price movements, recommending strategies such as selling forward spot spreads at optimal times.
The stellar rise of Altcoins
Solana steals the show with an exceptional performance, with its price climbing to $168.77, marking an impressive 10.94% rise in just 24 hours. As SOL approaches the critical resistance level of $175, all signs point to an imminent bullish breakout.
Binance Coin follows suit, riding a captivating, self-reinforcing wave with its launch pool mechanic. Currently valued at $610, analysts predict a further rise to $700, highlighting the coin’s strong momentum.
Learn more: Binance Coin Records 28-Month High! BNB Price Expected to Reach $700?
Meanwhile, Avalanche makes its mark with a 3.84% rise, swinging confidently at $56.20, surpassing its previous high from December 24.
Bitcoin remains strong
Bitcoin’s resilience shines through as it attempts to breach the $72,500 mark, fueled by strong buying interest. Trading at $73,452, up 1.8% from yesterday, bullish signals indicate potential for further upside momentum.
Looking forward
With moving averages rising and the RSI persisting in overbought territory, the market appears decidedly in favor of buyers. With these bullish indicators in play, the BTC/USDT trading pair could see a push towards $75,000, and perhaps even extend its rally to $80,000.
In conclusion, while Bitcoin leads the charge in this renewed bull market, altcoins like Solana, Binance Coin, and Avalanche are charting their own paths, promising exciting opportunities for investors in the days to come.
Read also: Altcoin explosion: the essential cryptos for massive profits!