- Ethereum, News

Price analysis 1/3: BTC, ETH, ADA, BNB, DOT, XRP, LTC, LINK, XLM, BCH – BTC Ethereum Crypto Currency Blog

Bitcoin and most major altcoins are witnessing strong buying at lower levels, indicating the start of a relief rally.

The U.S. bond yields have softened and this has ignited investor’s appetite for risk-on assets. After a negative closing last week, the S&P 500 has started the current week on a positive note. Thi bullish sentiment has also rubbed on to the crypto sector, which is surging higher, led by Bitcoin (BTC). 

After Tesla and Mastercard’s foray into Bitcoin, analysts at Citigroup believe that Bitcoin is at a “tipping point,” which could either take it mainstream and make it the preferred currency for world trade or result in a “speculative implosion.”

Citi’s analysts expect the central bank digital currencies and the fiat-pegged stablecoins to be positive for Bitcoin’s adoption.

Daily cryptocurrency market performance. Source: Coin360

While several investors have been worrying about a deeper correction in Bitcoin, MicroStrategy CEO Michael Saylor seems unfazed. Saylor announced that MicroStrategy added another $15 million worth of Bitcoin to its purse, taking its total holding to 90,859 coins which were purchased at an average price of $24,063 per coin.

However, not everyone is bullish on Bitcoin. ‘Big Short’ investor Michael Burry believes that Bitcoin is in a speculative bubble at the current levels and may witness a sharp fall that “will be dramatic and painful.”

Let’s analyze the charts of the top-10 cryptocurrencies to determine whether the uptrend has resumed or if the current up-move is only a dead cat bounce.