Bitcoin (BTC) extended its relief rally on Tuesday and reclaimed a market capitalization above $1 trillion.
While many traders panicked during Bitcoin’s recent fall below $47,000, fund manager Dan Tapiero said that he spotted a rare TD sequential buy signal during the low. The last time this signal was seen was in March 2020 when Bitcoin price traded near $3,600. Tapiero believes Bitcoin remains on target to reach $100,000 this year.
However, even after the recent rise above $55,000, Bitcoin’s market dominance continues to lag at 49.5%, according to CoinMarketCap data. This shows that crypto investors are focusing on altcoins, with several hitting new all-time highs.
The altcoin season is not entirely driven by retail investors. A recent report by crypto investment advisory firm Two Prime Digital Assets highlights that the eightyfold growth in Ether (ETH) options open interest, from $50 million to $4 billion in a year, points toward hedging by institutional money managers to protect their “net long portfolios against outsized volatility events.” Even the Ether futures market has increased by 20, cementing the involvement of institutional investors.
Keeping the focus on altcoins, let’s study the fundamentals and technicals of three tokens that have done well in the past few days.