Price analysis 2/1: BTC, ETH, XRP, DOT, ADA, LINK, LTC, BCH, BNB, XLM

Tesla CEO Elon Musk recently voiced his support for Bitcoin (BTC) during a chat with Clubhouse. Musk said that his friends tried to onboard him to the Bitcoin bandwagon as early as 2013, but the world’s richest man did not take the final step. Musk admitted that he was “late to the party.”

Musk also said that Bitcoin could be “on the verge of getting broad acceptance by conventional finance.” While these comments by the SpaceX founder are positive, they did not move the markets since he did not commit to buying Bitcoin as a personal investment or for the treasury reserves for his companies.

Daily cryptocurrency market performance. Source: Coin360

However, institutional investors have continued their purchases without waiting for a deeper correction. CoinCorner CEO Danny Scott noted that recently a single entity had withdrawn $500 million worth of Bitcoin, an indication of institutional buying.

While Bitcoin buyers seem to be planning to hold their positions, the same cannot be said about the pump and dump schemes that are being promoted in select altcoins. First, it was Dogecoin (DOGE) and today it is XRP’s 50% fall from $0.75 that may have left several novice traders with huge losses.

These violent corrections should be a lesson to traders and remind them to follow a well thought out trading strategy instead of getting carried away by emotions and greed.

Let’s study the charts of the top-10 cryptocurrencies to determine the trend and the path of least resistance.