Top 5 cryptocurrencies to watch this week: BTC, ETH, ADA, XLM, XEM

As Bitcoin price rallied to a new 2020 high, the open interest on CME Bitcoin (BTC) futures rose to $1.16 billion, making it the world’s largest Bitcoin futures market, according to Arcane Research. This suggests that institutional investors are relatively unmoved by the recent sharp correction in Bitcoin price.

Guggenheim Partners has become the latest and the largest Wall Street institution that plans to invest in Bitcoin

Guggenheim has sought the Securities and Exchange Commission’s (SEC) nod to invest up to 10% of its Macro Opportunities Fund’s net asset value in Bitcoin through the Grayscale Bitcoin Trust. The fund currently has $5.3 billion in assets, hence, Guggenheim may buy $500 million or more worth of Bitcoin.

Crypto market data daily view. Source: Coin360

The increase in institutional investor’s appetite comes even as Bitcoin is close to its all-time high and this shows they are confident in the long term story of the digital asset.

Global Macro Investor and Real Vision CEO Raoul Pal said in an interview with Cointelegraph that Bitcoin’s most conservative target is a rally to $150,000 by November 2021. If a large amount of institutional money continues to flow into the crypto space, Bitcoin could even rise to $250,000, added Pal.

The long-term fundamentals of cryptocurrencies continue to improve but the price could still fall in the short term and it’s likely that investors will view each dip as a buying opportunity.

Let’s analyze the charts of the top-five cryptocurrencies to find out what opportunities exist.