Leading cryptocurrency Bitcoin (BTC) continues to slowly rise above its all-time high of $73,000 and is holding tight above these levels.
However, Bitcoin investors and whales, who made big profits after the rise in Bitcoin, are also making big profits here by switching to popular altcoins such as Solana (SOL), BNB Coin, Avalanche (AVAX), which have achieved double-digit gains in the last 24 years.
At this point, Singapore-based cryptocurrency company QCP Capital pointed out that Bitcoin funding rates have decreased and said that this decrease could result in both an increase and a decrease for the price.
“Does this drop in funding rates indicate that leveraged levels are reversing, meaning the spot price will fall? Or does a drop in leverage levels pave the way for another rise in the spot price?
“It is impossible to say this right now, but we know that it is difficult for funding rates to remain at these high levels and we think they will continue to normalize.”
Money is Flowing into Major Altcoins!
Analysts stated that capital flowed to major altcoins amid the uncertainty in Bitcoin and said that these altcoins include Solana (SOL), BNB and Avalanche (AVAX).
“Another interesting observation is that capital has moved into major altcoins, with SOL, BNB and AVAX rising significantly overnight.
BNB in particular was able to create a strong rally, with BNB stakers selling their large airdrops and purchasing even more BNB to compound returns for the next launch pool release.”
At this point, BNB went up to $633, SOL went up to $173 and AVAX went up to $59.
*This is not investment advice.