Altcoins are rising – high profits on ETH and SOL – Top NY News
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Altcoins are rising – high profits on ETH and SOL
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On Monday, BTC retreated to the $45,000 support level as investors look to take profits after last week’s surge.
On March 28, BTC recorded a recent high of $48,185 in the Bybit Bitcoin perpetual contract market, a record high for this year. Since then, BTC has stopped rising as investors decided to take profits and transfer their funds to altcoins.
They, despite the decline in BTC, remain stable. Altcoins are in the lead thanks to high profits from Tier 1 protocols such as ETH, NEAR, LUNA and SOL, all of which have shown the biggest price swings in recent months. For example, ETH surged to a local high of $3,500, recording a weekly gain of over 11%. However, other major altcoins such as NEAR, LUNA and SOL also showed significant gains during the week, with their market value up 27%, 26% and 36% respectively.
Not surprisingly, the Bitcoin dominance index, i.e. BTC’s market capitalization compared to the entire crypto market fell from 40.5% to 38.9% during the week, according to data from CoinGecko. In this regard, it seems that we are witnessing a resurgence of the legendary “altcoin season”, driven by retail investors’ increased risk appetite.
Market on Monday morning on Bybit is at $45,887, down 1% from the previous day.
We mentioned last week that BTC may be on track for a long-term recovery that could lead to a retest of the all-time high of $69,000 hit in November 2021. To reach this target, BTC needs to maintain its strong upward momentum in the coming weeks or months.
Let’s look at two main factors to measure and track this momentum: price action and speculative positioning.
First, BTC needs to solidify above the 200-day moving average support, which stands at $44,800 at the time of writing. The 200-day moving average (MA) is considered a key indicator by many traders and market analysts for determining the overall long-term market trend.
Ideally, BTC should form a triangle, flag, or pennant continuation pattern above the 200-day moving average. A break above this pattern could see the $50,000 level retested.
Secondly, in a bullish scenario, speculative positioning is indispensable, which refers to the level of speculative activity in the futures market. This phenomenon can be seen in funding rates, which are periodic payments made between buyers and sellers in the futures market.
As a rule, funding rates increase when prices fluctuate in a bull market. Investors should keep a close eye on this BTC indicator as funding rates tend to increase significantly in a bull market.
Currently, BTC funding rates are turning favorable after several weeks of falling. The derivatives data also suggests that crypto bulls are gradually buying up the recent rise in BTC ahead of the $50,000 offer.
Coinglass reports that Bybit’s average daily funding rate for Bitcoin perpetual futures has risen from a local low of -0.8% to 2.45% at the time of writing. This indicates a change in the mood of traders: their risk appetite is increasing.
Check out the latest prices, charts and data !
Solana (SOL), a high-performance blockchain with thousands of projects spanning the DeFi and NFT sectors, made headlines this week after OpenSea revealed it would be integrating Solana into its marketplace. The agreement sparked a surge of interest in SOL, with the token up over 37% since the announcement.
The OpenSea platform currently supports three blockchain networks: Ethereum, Polygon, and Klaytn. After the successful integration, Solana (SOL) will become only the fourth blockchain network to be able to trade its NFTs on the market.
SOL is up more than 50% in less than two weeks after breaking the trend line – an incredible feat for a large-cap cryptocurrency. At the time of writing, SOL is hovering around a key resistance area of $140 to $150.
Investors can expect price volatility in the coming days as traders look to take profits after a week of huge gains. A favorable pullback to the 200-day moving average, which is $116 at the time of writing, could provide investors with a good opportunity to enter long-term positions.
Check out the latest prices, charts and data !
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