Bitcoin (BTC) extended its relief rally on Tuesday and reclaimed a market capitalization above $1 trillion.
While many traders panicked during Bitcoin’s recent fall below $47,000, fund manager Dan Tapiero said that he spotted a rare TD sequential buy signal during the low. The last time this signal was seen was in March 2020 when Bitcoin price traded near $3,600. Tapiero believes Bitcoin remains on target to reach $100,000 this year.
However, even after the recent rise above $55,000, Bitcoin’s market dominance continues to lag at 49.5%, according to CoinMarketCap data. This shows that crypto investors are focusing on altcoins, with several hitting new all-time highs.
Crypto market data daily view. Source: Coin360
The altcoin season is not entirely driven by retail investors. A recent report by crypto investment advisory firm Two Prime Digital Assets highlights that the eightyfold growth in Ether (ETH) options open interest, from $50 million to $4 billion in a year, points toward hedging by institutional money managers to