May 17, 2021

A Crypto Investor

Just another Crypto Guys Blog

Price analysis 11/18: BTC, ETH, XRP, LINK, LTC, BCH, DOT, BNB, ADA, BSV

Within the last 24-hours, Bitcoin (BTC) price hit an intraday high of $18,466.14 and this is just roughly 8% lower than the magical $20,000 figure being watched by many traders. 

However, investors in several countries such as Russia, Argentina, Brazil, and Mexico have already seen their Bitcoin holdings hit a new all-time high in their local currency. Even Bitcoin’s market capitalization has hit a new record high, topping the high created in December 2017.

With institutional investors finally arriving in herds, it seems it is only a matter of time before Bitcoin finally overtakes $20,000 and sets a new all-time high.

Adding to the list of high profile billionaire’s acquiring Bitcoin, Ricardo Salinas Pliego, Mexico’s second-richest man, recently announced that he had invested in the digital asset. Accordion to Pliego, 10% of his liquid assets are held in Bitcoin.

Daily cryptocurrency market performance. Source: Coin360

Even existing investors have added to their holdings. Galaxy Digital chairman and CEO Mike Novogratz recently said that he had purchased more Bitcoin at $15,800 as he expects a rally to $65,000. Novogratz believes that “the network effect has taken over” and with “tons of new buyers” coming in, the limited supply will not be enough.

The steady institutional inflow has resulted in Grayscale Investments Bitcoin holdings surging to over 500,000 Bitcoin. An annual survey from the company revealed that about 38% of the respondents have bought Bitcoin in the past four months. 63% of these investors said that the coronavirus pandemic was the main factor that influenced their decision to purchase Bitcoin.

After today’s spectacular rally, many investors are searching for hints on whether Bitcoin will continue its uptrend or correct sharply from the current levels.

Let’s analyze the top-10 cryptocurrencies to see what the charts project.