Investors are shifting capital from Bitcoin (BTC) to altcoins as profitable opportunities emerge.
With the price of Bitcoin near recent highs and perpetual futures funding rates falling to record lows, market sentiment suggests a cautious approach for the flagship cryptocurrency.
SOL, BNB, AVAX attract investors
Recent moves by investors signal a reallocation of capital towards altcoins, which show promising growth. They recently isolated three altcoins, including Solana (SOL), Binance’s Build & Build (BNB), and Avalanche (AVAX), which are offering the most promising returns as Bitcoin price remains range-bound.
BNB stands out because it has a strong ecosystem that encourages reinvestment through Launchpool. Launchpool allows stakers to significantly increase their profits. This cycle contributed to the BNB token surpassing $600.
In Solana’s ecosystem, Dogwifhat (WIF), one of the popular memecoins, increased by 45% to an all-time high on March 14. Meanwhile, cryptocurrency influencer Miles Deutscher noted that the Avalanche subnet could push the AVAX token above $50. Up to $100.
“AVAX is really pushing the gaming subnet. I really like AVAX and with a break of $50 I could actually see AVAX making more efforts towards this $100 level,” Deutscher said.
Read more: 13 Best Altcoins to Invest in March 2024
Emerging from the shadows are lesser-known altcoins like ANKR, RAY, and MASK, which showed impressive gains in March. ANKR broke from a long-term downward trend in late February, doubling its price in one month. RAY and MASK also made significant gains after their respective breakouts.
The bullish narrative also extends to Ocean Protocol (OCEAN), APT, and iExec RLC (RLC), with each chart path reaching new highs. Ocean Protocol, for example, broke from long-term resistance and showed the potential for profitable returns. Similarly, APT and RLC have also seen significant growth, with RLC’s value nearly doubling in March.
Read more: 11 Best Altcoin Exchanges for Cryptocurrency Trading in March 2024
Despite the optimism surrounding altcoins, investors still need to exercise caution. ALX, Axelar Network’s Web3 token, soared 30% after being listed on Binance earlier this month. On the other hand, Ronin Network’s RON experienced a price decline in February following its listing on Binance. This price reaction illustrates the volatility of the altcoin market.
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