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


Bitcoin’s (BTC) institutional adoption shows no signs of slowing down. This week Latin America’s 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.

Crypto 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. Let’s focus on three such tokens that have been short-term outperformers.