1/18: BTC, ETH, DOT, XRP, ADA, LTC, BCH, LINK, XLM, BNB – BTC Ethereum Crypto Currency Blog

January 18, 2021 by No Comments

Altcoins are beginning to lose bullish momentum as Bitcoin price struggles to reclaim $40,000.

Investors are beginning to worry that Bitcoin’s (BTC) uptrend could be in peril after the top-ranked cryptocurrency failed to pull above the $40,000. Some traders are afraid that a repeat of the crushing 2018 bear market is on the cards again if BTC fails to find bullish momentum.

However, a study of both the bull markets shows distinct differences that are noteworthy. Research from Pantera Capital found that after the current bull move, 86% of the crypto market’s value is concentrated in Bitcoin and Ethereum, largely because institutional funds have flowed into each cryptocurrency.

In 2017, the top two coins only held about 52% of the value, with the rest being held in several altcoins that turned out to be “non-functioning” coins. In the current bull market, retail investors seem to be largely absent so the type of speculation witnessed in 2017 has yet to appear in 2021.

Daily cryptocurrency market performance. Source: Coin360

Guggenheim Partners’ chief investment officer Scott Minerd recently said that his long-term Bitcoin price target of $400,000 remains and his recent tweet asking his followers to “take some money off the table” was based on the short-term price movement.

Although Minerd has not included Bitcoin in his mutual fund portfolios, he said purchases have been done in some private funds managed by Guggenheim.

While Bitcoin consolidates after the recent bull phase, select altcoins are extending their up-move. Can this continue? Let’s analyze the charts of the top-10 cryptocurrencies to find out.