Price analysis 2/5: BTC, ETH, XRP, DOT, ADA, LINK, LTC, BNB, BCH, XLM – BTC Ethereum Crypto Currency Blog

February 5, 2021 by No Comments

Altcoins are reaching multi-year highs while Bitcoin price builds momentum for the next run at the $40,000 level.

Bitcoin’s (BTC) correction from its January high has not shaken the confidence of institutional investors. According to Glassnode analysts, the number of whales holding more than 1,000 Bitcoin has increased by 200 this year.

Along with the institutions, several high profile investors have also committed money to the crypto sector. Hedge fund manager Paul Tudor Jones, former PepsiCo CEO Indra Nooyi, and American rapper LL Cool J have invested in a new venture capital crypto fund launched by Silver Lake Partners co-founder Glenn Hutchins and his associates.

Daily cryptocurrency market performance. Source: Coin360

The steady inflow into crypto assets suggests that investors are bullish in the long-term. ARK analyst Yassine Elmandjra believes that Bitcoin is still in the early stages of its bull phase. According to Elmandjra, if Bitcoin mimics its previous two bull runs, it could rally to about $390,000 before the current bull phase ends.

Even though Bitcoin’s price action attracts the bulk of the attention, several altcoins have been rallying higher. Let’s analyze the charts of the top-10 cryptocurrencies and determine their target objectives on the upside.