Data shows that traders rushed to buy altcoins during Bitcoin’s dip to $ 50K

The recent downturn of Bitcoin (BTC) temporarily reduced dominance to 49.5%, 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.

In recent months, the altcoins price action seems to be moving away from Bitcoin. Take Ether (ETH), for example, which hit a new all-time high today even as Bitcoin’s price is 20% below its all-time high.

Crypto market data daily view. Source: Coin360

The main factor that could have tilted the scale in favor of altcoins is the boom in the 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 doing as much, if not more, than Coinbase today.”

Let’s take a look at the fundamental and technical aspects of three tokens that have been on the rise in recent months.