Price analysis 12/16: BTC, ETH, XRP, LTC, BCH, LINK, ADA, DOT, BNB, XLM

Crypto traders and investors received an early Christmas gift today as Bitcoin (BTC) price cleared the $20,000 psychological milestone for the first time in history. Today’s breakout is equally significant as it serves to heal the scars of the traders who may have bought right at the top in 2017 and held their positions until now.

The current uptrend in Bitcoin has been all about institutional adoption. The latest institutional investor to have announced a position in Bitcoin is the United Kingdom-based investment manager Ruffer Investment Company Limited.

As has been the case with most institutional purchases this year, Ruffer said that they bought Bitcoin as an “insurance policy against the continuing devaluation of the world’s major currencies.”

Daily cryptocurrency market performance. Source: Coin360

Institutional participation has been so high that the Bank of America Merrill Lynch Global Fund Manager Survey shows that respondents believe that Bitcoin is the third most crowded trade behind technology stocks and short positions on the U.S. dollar.

Institutional investors have continued to flock to Bitcoin because it has outperformed most major asset classes by a wide margin. Hence, institutional investors who were early to the Bitcoin party are most likely sitting on huge profits and their portfolios are outperforming other fund managers who only own legacy markets. As Bitcoin continues to draw more attention from the investor class, inquisitive clients may force more institutions to allocate a portion of their money to BTC.

Now that Bitcoin has resumed its uptrend let’s analyze the charts of the top-10 cryptocurrencies to identify the target objectives on the upside.