Price analysis 12/11: BTC, ETH, XRP, LTC, BCH, LINK, ADA, DOT, BNB, XLM

Bitcoin (BTC) price has been gradually giving up ground for the past few days and that has a few investors afraid that a sharp correction or a bear market similar to the one in 2018 could occur again. However, there are major differences between the previous bull market and the current one.

The most notable difference is the arrival of institutional investors. The latest institution to have taken a position in Bitcoin is Massachusetts-based insurance firm MassMutual, which recently purchased 5,470 BTC for roughly $100 million.

To date, a variety of institutional players ranging from hedge fund managers to publicly listed companies and now a 169-year old insurance company have purchased Bitcoin.

Daily cryptocurrency market performance. Source: Coin360

Usually, institutional investors do not dump their holdings with every correction because they buy only after considering the long-term fundamentals. Hence, most price drops are viewed as an opportunity to add to their holdings.

Ruchir Sharma, chief global strategist at Morgan Stanley Investment Management, has said that the dollar’s reign as the world’s reserve currency could be coming to an end and Bitcoin could be the beneficiary due to the “widening distrust in the traditional alternatives.”

With several institutional investors echoing a bullish view on Bitcoin, any correction is likely to attract more institutions who may take advantage of the fall to buy.

Let’s analyze the top-10 cryptocurrencies and spot the critical support levels where buyers may step in.