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

Friday 07 May 2021, 5:32 AM AEST - 1 month ago

Bitcoins (BTC) institutional adoption shows no signs of slowing down. This week Latin Americas largest e-commerce company, Mercado Libre, disclosed that it had purchased $7.8 million worth of Bitcoin as part of its treasury strategy.

Mercado Libre was not only in this decision, as Metromile Inc., a Nasdaq-listed digital insurer also said it plans to buy $10 million worth of Bitcoin in the second quarter of this year. Additionally, Metromile will soon start accepting premiums and paying out insurance claims in Bitcoin.

7de5cb5a-e1ac-4b87-b1bb-5cd287ad6e80.PNGCrypto market data daily view. Source: Coin360

Data from Glassnode suggests that investors who purchased Bitcoin in late 2020 are HODLing their positions. This shows that investors have not hurried to book profits on their positions after the sharp rally and that they are not dumping their positions on every minor correction.

As Bitcoin attempts to stage a strong comeback, several altcoins continue to rally. Lets focus on three such tokens that have been short-term outperformers.

BAKE/BUSD

The BakerySwap (BAKE) ecosystem caters to both the decentralized finance participants and the nonfungible token clientele. With over $28 million in NFT trading volume, BakerySwap is the leading NFT marketplace on the Binance Smart Chain.

The protocol announced the launch of Bakery Gallery on April 27 to attract artists and collectors to compete with the NFT platforms on the Ethereum network. The gallery was opened with an exclusive 3D event where 16 artists dropped their artwork. According to the protocol, most of the artwork was sold between $2,400 and $20,000.

BakerySwap launched the CAR initial decentralized exchange offering on May 5. The owners of the CAR token can convert it into a ...

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