Why Crypto Whales are Now Making Significant Bets on These Altcoins: Bitcoin to Altcoins
Key Takeaways
– Bitcoin’s value has risen above $73,515, indicating a 2.6% increase within 24 hours.
– Top holders and whales are shifting their gains from bitcoin to altcoins like Solana (SOL), Binance Coin (BNB), and Avalanche (AVAX), which have seen significant gains.
– QCP Capital’s analysis reveals a decline in perpetual funding rates, potentially impacting long-term interest rates and spot prices.
– Solana’s price has increased by 10.94% to $168.77, with indications of a potential bullish breakout.
– Binance Coin is trading at $610, with predictions of a rise to $700.
– Avalanche is up 3.84% and is currently trading at $56.20.
– Bitcoin’s price is at $73,452, with bullish signals suggesting further gains. The BTC/USDT trading pair could reach $75,000 or even $80,000.
After a slight setback last week, the bull market is back in action as Bitcoin’s price surpasses the $70,000 mark. Within 24 hours, Bitcoin’s value has risen by 2.6%, reaching above $73,515.
Interestingly, major investors and whales are strategically redirecting their profits from bitcoin to altcoins with large market capitalizations such as Solana (SOL), Binance Coin (BNB), and Avalanche (AVAX). These altcoins have experienced significant double-digit gains recently.
QCP Capital, a Singapore-based firm, has conducted an analysis shedding light on the current state of the Bitcoin market. The analysis reveals a sharp decline in perpetual funding rates, which could potentially impact long-term interest rates and raise questions about the direction of spot prices. As futures trading for March/April falls below 30% and Binance forwards show lower rates compared to Deribit, funding rates are expected to further normalize. QCP Capital suggests selling spot-forward spreads at higher prices before the market fully normalizes.
In the altcoin market, Solana stands out with an impressive performance. Its price has increased by 10.94% to $168.77 within 24 hours. Solana is approaching a critical resistance level at $175, indicating a potential bullish breakout.
Binance Coin has also demonstrated a remarkable performance through its launch pool mechanism. Currently trading at $610, some analysts predict that its price could rise to $700.
Avalanche has experienced a 3.84% increase, reaching $56.20, surpassing its previous high of $49 on December 24th.
Turning our attention back to Bitcoin, recent attempts to surpass $72,500 have shown strong buying interest. Currently trading at $73,452, up 1.8% from yesterday, bullish signals indicate further potential gains. The moving averages and RSI in overbought territory suggest a market dominated by buyers. With these positive indicators, the BTC/USDT trading pair has the potential to reach $75,000 and potentially extend to $80,000.