Bitcoin’s (BTC) recent downturn temporarily pulled its dominance rate down to 49.5% which is the lowest level since August 2018. This has led a growing number of traders to predict that altcoins will outperform Bitcoin in the short term.
Over the past few months, the price action from altcoins seems to be disengaging from Bitcoin. Take for example, Ether (ETH), which hit a new all-time high today even as Bitcoin price is down 20% from its all-time high.
Crypto market data daily view. Source: Coin360
The major factor that could have tilted the scale in favor of altcoins is the massive rise in the popularity of the decentralized finance space. 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 look at the fundamentals and technicals of three tokens that have been on the rise in the past few months.
Chainlink (LINK) is