Data shows traders rushed to buy altcoins during Bitcoin’s dip to $50K

Bitcoin’s (BTC) current downturn briefly pulled its dominance price down to 49.5% which is the bottom degree since August 2018. This has led a rising variety of traders to predict that altcoins will outperform Bitcoin within the brief time period.

Over the previous few months, the value motion from altcoins appears to be disengaging from Bitcoin. Take for instance, Ether (ETH), which hit a brand new all-time excessive at the moment whilst Bitcoin worth is down 20% from its all-time excessive.

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Crypto market information every day view. Source: Coin360

The main issue that would have tilted the size in favor of altcoins is the large rise within the recognition of the decentralized finance house. New York Stock Exchange president Thomas Farley pointed out in an interview with CNBC that “DeFi exchanges are doing as much volume if not more than Coinbase today.”

Let’s take a look at the basics and technicals of three tokens which have been on the rise up to now few months.