OP, TAO, STX, MNT and other altcoin charts flash bullish signs as Bitcoin attempts to recapture the $70,000 level.
Bitcoin (BTC) has managed to hold on to its gains this week, indicating that traders are in no mood to book profits even as the price reaches near $70,000. The number of Bitcoin whales, unique addresses holding more than 1,000 Bitcoin, has risen to 2,104 as of March 7, suggesting they anticipate the uptrend to continue.
Bitcoin’s rally has improved sentiment across the cryptocurrency sector. Data from DefiLlama shows that the global total value locked (TVL) in decentralized finance (DeFi) protocols jumped above $100 billion for the first time in about two years. However, the TVL is far below the $189 billion record set in November 2021, even after the increase.
During a bull market, traders throw caution out of the window and chase prices higher. This generally does not end well. Bitwise chief investment officer Matt Hougan cautioned investors to be careful, stating on X that “terrible projects” were “trading at crazy valuations.”
