Bitcoin To Altcoins: Why Crypto Whales Are Betting Big on These Altcoins Now?
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The bull market is back! After a slight drop last week, with the Bitcoin price falling back to the $70,000 mark, it is now back on track again. Bitcoin’s (BTC) value rose above $73,515, marking a 2.6% increase within 24 hours.
Meanwhile, top holders and whales are strategically shifting their gains from bitcoin to big-cap altcoins like Solana (SOL), Binance Coin (BNB), and Avalanche (AVAX), altcoins that have seen huge double-digit gains over the past day.
Perpetual Funding Rates Drop
As per the analysis by QCP Capital, a Singapore-based firm, sheds light on the current state of the Bitcoin market. Their analysis reveals a sharp decline in perpetual funding rates, indicating potential changes in long-term interest rates and raising questions about the direction of spot prices.
With March/April futures trading below 30% and Binance forwards indicating lower rates than Deribit, funding rates are poised to normalize further.
QCP Capital highlights the challenge of sustaining price movements and advises on strategies such as selling spot-forward spreads higher before the price is fully normalized.
Altcoin Rally: SOL, BNB, and AVAX
Meanwhile, a noticeable trend emerges as capital circulates into big-cap altcoins, with SOL, BNB, and AVAX seeing notable gains overnight.
Solana’s remarkable performance shines as SOL price trades at $168.77, marking a 10.94% gain in 24 hours. With SOL nearing critical resistance at $175, indications suggest a potential bullish breakout is imminent.
After Solana’s performance, Binance Coin has a mesmerizing and self-reinforcing cycle through its launch pool mechanism. Currently, BNB is trading at $610, with some analysts predicting the price will rise to $700.
Meanwhile, Avalanche is up 3.84%, hovering at $56.20 and surpassing its previous high of $49 on December 24th.
Bitcoin Price Analysis
In recent days, Bitcoin attempted to cross $72,500 but did so, revealing strong buying interest. Currently trading at $73,452, up 1.8% from yesterday, while bullish signals indicate further gains.
An increase in the moving averages and RSI in overbought territory indicates a buyers-dominated market. With these bullish indicators in mind, the BTC/USDT trading pair has the potential to rise to $75,000 and could even extend to $80,000.
Filed under: Bitcoin - @ March 14, 2024 8:27 am