The uptick in the number of new addresses and futures aggregate open interest may be taken to mean an influx of investors.
Notable performers in the past 24-hours include a 45.34% rally from DASH and a 17.23% move from EOS, Ravencoin is up by 19.84%. IOTA which had been stuck in a bottoming formation for over two years rallied 11.07% in the 24 hours and 128.01% on a seven-day basis. The Altcoin picked up momentum after it broke above the resistance at $0.55.
The Altcoin versus BTC chart can often provide additional relevant insights. Many Altcoins just started gaining strength in their BTC charts, awakening from a bear market nap. This has translated to many Altcoins showing massive strength in their USD pairs, reaching new all-time highs.
However, the BTC pairs of these Altcoins still have a lot of upside potential. This means that the market may just be starting the new bull cycle. Ethereum for instance is stagnating in its BTC Pairing.
Willy Woo, a popular on-chain analyst, said that historically, Bitcoin is a better “multi-cycle HODL” while ETH is a “better mid-macro” swing trade.
ADA/BTC Daily Chart
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