Price analysis 12/14: BTC, ETH, XRP, LTC, BCH, LINK, ADA, DOT, BNB, XLM

Strategists at JPMorgan said in a note that MassMutual’s $100 million Bitcoin (BTC) purchase shows that insurance firms and pension funds are now adopting Bitcoin. According to the analysts, typically this class of institutional investors is conservative in their style of investing so the recent allocation is quite significant.

However, the strategists said that even if the pension funds and the insurance companies in the U.S., Japan, the U.K., and the Euro area keep 1% of their assets in Bitcoin, that could amount to an additional inflow of about $600 billion into Bitcoin.

These investments by institutions may have increased the confidence of traditional investors on Wall Street who can now easily allocate a larger portion of their portfolio to Bitcoin.

Daily cryptocurrency market performance. Source: Coin360

CNBC Mad Money host Jim Cramer revealed in a recent interview that he purchased Bitcoin on dips under $18,000 and will continue to add on declines as he wants to “diversify into all sorts of asset classes.”

Another long-term bullish sign for Bitcoin is that the number of wallets containing a whole coin or more has risen to a new all-time high, according to on-chain analytics resource Glassnode. This shows that investors are not closing their positions at the all-time high but are buying more and withdrawing their Bitcoin from the exchanges to cold storage.

Now that several fundamental factors favor Bitcoin and altcoins resuming their uptrends, investors will be curious to see if BTC will at last snatch a new all-time high above $20,000. 

Let’s study the charts of the top-10 cryptocurrencies to find out.