Price analysis 2/8: BTC, ETH, ADA, XRP, DOT, BNB, LTC, DOGE, LINK, BCH – BTC Ethereum Crypto Currency Blog

February 8, 2021 by No Comments

Strong institutional demand has propelled Bitcoin and many altcoins to new all-time highs.

Bitcoin (BTC) broke out to a new all-time high today, buoyed by the news that Tesla has purchased $1.5 billion worth of Bitcoin, according to a filing with the Securities and Exchange Commission.

In addition to the Bitcoin purchase, Tesla also plans to offer its customers the option of buying products with BTC. Instead of converting BTC payments to fiat upon receipt, Tesla may decide to add it to its reserves.

Daily cryptocurrency market performance. Source: Coin360

In addition to Tesla’s purchase, legendary investor Bill Miller also plans to increase his exposure to Bitcoin by investing over $300 million in Grayscale Bitcoin Trust. These purchases by large investors even after Bitcoin’s sharp rally show they expect the up-move to continue further.

Mexico’s third-richest person Ricardo Salinas Pliego has added the hashtag Bitcoin to his Twitter bio. This act by Salinas brings Bitcoin to the notice of his 840,000 followers, some of whom may want to emulate the billionaire by buying Bitcoin. Salinas had revealed back in November that 10% of his “liquid portfolio” was invested in Bitcoin.

These developments have given a positive boost to the fundamentals in the crypto sector. With a huge tailwind in place, let’s analyze the charts of the top-10 cryptocurrencies to arrive at the possible target levels on the upside.