BakerySwap, Syscoin and Utrust rally as altcoin season kicks into high gear

Bitcoin’s (BTC) institutional adoption reveals no indicators of slowing down. This week Latin America’s largest e-commerce firm, Mercado Libre, disclosed that it had bought $7.Eight million price of Bitcoin as a part of its treasury technique. 

Mercado Libre was not solely on this resolution, as Metromile Inc., a Nasdaq-listed digital insurer additionally stated it plans to purchase $10 million price of Bitcoin within the second quarter of this yr. Additionally, Metromile will quickly begin accepting premiums and paying out insurance coverage claims in Bitcoin.

Crypto market knowledge day by day view. Source: Coin360

Data from Glassnode means that buyers who purchased Bitcoin in late 2020 are HODLing their positions. This reveals that buyers haven’t hurried to guide earnings on their positions after the sharp rally and that they don’t seem to be dumping their positions on each minor correction.

As Bitcoin makes an attempt to stage a powerful comeback, a number of altcoins proceed to rally. Let’s concentrate on three such tokens which have been short-term outperformers.