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Saturday, May 8, 2021

Waves, Celo and Injective Protocol (INJ) break as DeFi wakes up

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Bitcoin (BTC) extended its rescue rally on Tuesday and recovered a market cap above $ 1 trillion.

While many traders panicked during Bitcoin’s recent plunge below $ 47,000, fund manager Dan Tapiero said he spotted a rare TD sequential buy signal during the trough. The last time this signal was seen was in March 2020, when the price of Bitcoin traded close to $ 3,600. Tapiero believes Bitcoin remains on track to hit $ 100,000 this year.

However, even after the recent surge above $ 55,000, Bitcoin’s market dominance continues to lag at 49.5%, according to data from CoinMarketCap. This shows that crypto investors are focused on altcoins, with several new all-time highs.

Daily view of Crypto market data. Source: Room360

The altcoin season is not entirely driven by retail investors. A recent report by crypto investment advisory firm Two Prime Digital Assets points out that the eighty-fold increase in open interest rates on Ether (ETH) options from $ 50 million to $ 4 billion in one year, indicates hedging by institutional fund managers to protect their “net long portfolios against disproportionate volatility events. Even the Ether futures market rose by 20, increasing the involvement of institutional investors.

With a focus on altcoins, let’s take a look at the fundamentals and techniques of three tokens that have worked well in recent days.