July 31, 2021

A Crypto Investor

Just another Crypto Guys Blog

Price analysis 3/3: BTC, ETH, ADA, BNB, DOT, XRP, LTC, LINK, BCH, XLM

Bitcoin’s (BTC) resilience in the face of global market uncertainty continues to attract new institutional investors. Dan Loeb, the CEO of New York-based asset management firm Third Point, said that he has been “doing a deep dive into crypto.” To strengthen the venture investments team, Third Point hired former pro-crypto Goldman Sachs analyst Heath Terry, according to Reuters.

Loeb’s move into crypto seems to have prodded ‘Shark Tank’ star Kevin O’Leary to allocate a portion of his portfolio to Bitcoin. Additionally, O’Leary hinted that every operating company that he had invested in was considering investing in Bitcoin.

Daily cryptocurrency market performance. Source: Coin360

Billionaire Tim Draper expects Netflix to be the next Fortune 100 company to add Bitcoin to its balance sheet. Draper voiced his views while appearing on the Unstoppable Podcast. He also speculated that Amazon could start “accepting Bitcoin pretty soon.”

These developments show that the institutional adoption of Bitcoin is only in its infancy and it is likely to grow in the future.

It is heartening to see that former Bitcoin naysayers are now voicing their favorable opinions of the digital asset. Billionaire Mark Cuban recently schooled gold bug Peter Schiff on Twitter, suggesting that gold would soon lose its status as a store of value. Cuban also highlighted the advantages Bitcoin held over gold.

With all these positives, it is no surprise that Bitcoin’s price action has resumed its bullish momentum. Let’s analyze the charts of the top-10 cryptocurrencies to spot the strengths and weaknesse.