HomeCoinsEthereum (ETH)BTC, ETH, BNB, XRP, ADA, SOL, LUNA, AVAX, DOT, DOGE

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

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Bitcoin (BTC) is attempting to bottom out and whales seem to be helping it do that. Coin Metrics data shows that whale addresses holding at least 1,000 Bitcoin have been accumulating in the past few days. The total supply of these addresses rose from 7.95 million Bitcoin on Jan. 24 to 8.096 million on Feb. 10.

Another sign that investor sentiment could be turning positive is that crypto exchange balances of stablecoins have soared above $27 billion for the first time, according to on-chain analytics platform CryptoQuant. In comparison, Bitcoin reserves on the exchanges have continued to slide, indicating that investors are stashing their holdings.

BTC, ETH, BNB, XRP, ADA, SOL, LUNA, AVAX, DOT, DOGE
Daily cryptocurrency market performance. Source: Coin360

Although Bitcoin has been closely correlated with the U.S. equity markets in the short term, Zhu Su, co-founder of hedge fund Three Arrows Capital (3AC), believes their performance will diverge in 2022. Zhu suggested that Bitcoin and Ether (ETH) are candidates for going long while the S&P 500 is a short candidate.

After the recent recovery in Bitcoin and altcoins, is it time for a minor correction or consolidation? Let’s study the charts of the top-10 cryptocurrencies to find out.