Price analysis 8/11: BTC, ETH, BNB, ADA, XRP, DOGE, DOT, UNI, LINK, SOL

Bitcoin’s (BTC) strong recovery and march toward the psychological level at $50,000 has improved the overall sentiment in the crypto sector. That has boosted the total crypto market capitalization to over $1.9 trillion.

Data from Glassnode shows a sharp increase in the dominance of Bitcoin transactions exceeding $1 million in the past few months. The on-chain analytics firm noted in its report that the transactions by the $1 million to $10 million group surged when Bitcoin corrected to $29,000 in July. This suggests that institutional investors may have been buying, which is “fairly constructive for price.”

Daily cryptocurrency market performance. Source: Coin360

Further evidence of possible institutional buying came from CryptoQuant data showing that Bitcoin reserves on derivatives exchanges have declined to 1.256 million Bitcoin, the lowest level since May 11. A similar drop in derivatives exchange balances was seen before the start of the bull run at the end of 2020.

With signs of institutional accumulation increasing, could the bullish momentum pick up further in the next few days or is it high time to book profits? Let’s study the charts of the top-10 cryptocurrencies to find out.