Home Technology BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, AVAX, SHIB

BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, AVAX, SHIB

18
0


Equities markets in the United States rallied sharply on May 25 and May 26 but Bitcoin (BTC) and altcoins have not followed a similar trajectory. This suggests that traders are not confident that the crypto markets have bottomed out yet. 

On-chain analytics firm Glassnode said that the number of Bitcoin whales has been reducing and on May 27, the metric fell to the lowest level since July 2020.

On May 24, Miller Value Partners founder and chief investment officer Bill Miller backed Bitcoin investing and called it an “insurance policy against financial catastrophe.”

Daily cryptocurrency market performance. Source: Coin360

In a note to its clients on May 25, JPMorgan said that Bitcoin’s fall looks like capitulation and they anticipate Bitcoin and the crypto markets to rally. The bank’s analysts believe Bitcoin’s fair value is $38,000 which is about 30% higher than the current level.

Could Bitcoin follow the U.S. equities markets higher or will it decouple and continue to languish at lower levels? Let’s study the charts of the top-10 cryptocurrencies to find out.