Data shows that traders were quick to buy altcoins during Bitcoin’s plunge to $ 50,000

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The recent downturn in Bitcoin (BTC) temporarily lowered the dominance rate to 49.5%. This is the lowest level since August 2018. This has resulted in more and more traders predicting that altcoins will outperform Bitcoin in the short term.

In the last few months, the price movement of altcoins seems to be breaking away from Bitcoin. Take Ether (ETH), for example, which hit a new all-time high today despite the fact that Bitcoin price is down 20% from its all-time high.

Day view of crypto market data. Source: Coin360

The main factor that could have tilted the scale in favor of altcoins is the massive surge in popularity of the decentralized financial space. Thomas Farley, President of the New York Stock Exchange, pointed out in an interview with CNBC that “DeFi exchanges are as much volume today, if not more than Coinbase.”

Let’s take a look at the basics and technical details of three tokens that have been on the rise in the past few months.