The bull market is going wild again! Despite a brief dip last week, Bitcoin quickly regained its footing, leapfrogging the $70,000 threshold to reach a staggering $73,515, marking a strong 2.6% gain in just 24 hours. .
In a twist, major holders and whales are strategically diversifying their portfolios, shifting their focus from Bitcoin to large altcoins such as Solana (SOL), Binance Coin (BNB), and Avalanche (AVAX). ing. These alternative cryptocurrencies have posted impressive double-digit gains, indicating broader market changes.
Insights from QCP Capital
Analysis by QCP Capital, a prominent Singapore-based company, provides valuable insight into the current Bitcoin landscape. Their assessment points to a significant decline in perpetual funding rates, suggesting a potential change in long-term interest rate trends and sparking debate regarding future spot prices.
Futures prices for March and April are still below 30%, suggesting that futures trading on Binance has lower interest rates compared to Deribit, but further normalization of funding rates is expected. QCP Capital emphasizes the importance of properly handling price fluctuations and recommends strategies such as selling spot futures spreads at the optimal time.
Stellarization of altcoins
Solana attracted attention with its exceptional performance, and its price soared to $168.77, an incredible 10.94% increase in just 24 hours. All signs point to an impending bullish breakout, as SOL is inching closer to the key resistance level at $175.
Binance Coin follows suit, riding an attractive, self-reinforcing wave through its launch pool mechanism. Its current value is $610, but analysts are predicting it to rise further to $700, underscoring the coin's solid momentum.
Read more: Binance Coin hits 28-month high! Will BNB price reach $700?
Meanwhile, Avalanche made its mark with a 3.84% jump and remained confident at $56.20, surpassing its previous high set on December 24th.
Bitcoin is strong
Bitcoin’s resilience shines as it attempts to break out of the $72,500 level, driven by strong buying interest. It is trading at $73,452, up 1.8% from yesterday, and bullish signals point to further upside potential.
Looking to the future
With the moving averages rising and the RSI remaining in overbought territory, the market clearly looks in favor of buyers. With these bullish indicators in play, the BTC/USDT trading pair could rally toward $75,000, and perhaps extend its rise to $80,000.
In conclusion, as Bitcoin takes the lead in this new bull market, altcoins such as Solana, Binance Coin, and Avalanche are carving out their own path, promising exciting opportunities for investors in the coming days .
Also read: Altcoin explosion: Cryptocurrencies to buy for huge profits!
