Price analysis 12/30: BTC, ETH, XRP, LTC, BCH, DOT, ADA, BNB, LINK, BSV – BTC Ethereum Crypto Currency Blog

December 30, 2020 by No Comments

Bitcoin price continues to chase after $30,000 but continued rejections below the key level are negatively impacting altcoin prices.

On-chain data suggests that high-net-worth individuals continued to buy Bitcoin (BTC) after Christmas. Analysts at Santiment said that smaller traders sold about $647 million worth of Bitcoin and this sum may have been bought up by Bitcoin whales.

Data also signals that large investors have been buying and holding their purchases throughout 2020, without booking profits in an aggressive manner. According to Glassnode analysts, this has caused the number of Bitcoin in circulation to decline by about 1 million.

Daily cryptocurrency market performance. Source: Coin360

That means, out of the total available supply, 14.5 million Bitcoin are considered illiquid. Glassnode analysts say that this leaves only 4.2 million Bitcoin in constant circulation that are available for trading..

This could further increase the imbalance in the demand and supply equation boosting Bitcoin’s price higher.

However, every bull market goes through periodic corrections and Bitcoin may also be due for one. Therefore, traders should weigh the risks before buying at the current levels.

Let’s analyze the charts of the top-10 cryptocurrencies to find the altcoins that may join Bitcoin in the breakout.