Top 5 cryptocurrencies to watch this week: BTC, ETH, LINK, LEO, XEM

This week Bitcoin (BTC) price nearly hit a new multi-year high at $16,000 and legendary investor Bill Miller told CNBC that the law of supply and demand favors BTC. While the supply is increasing by about 2.5% a year, “the demand is growing faster than that.” Miller expects every major bank, high net worth firms, and investment banks to “eventually have some exposure in Bitcoin.” 

Although Bitcoin’s volatility remains high, Miller expects investors to focus on the staying power of Bitcoin as the risk of it ever going to zero is much lower than before.

At the current market capitalization of over $284 billion, Bitcoin would rank 18th when compared with publicly listed U.S. companies. Only Mastercard, JPMorgan Chase, and Visa are ahead of Bitcoin in terms of market cap.

Crypto market data daily view. Source: Coin360

However, after multiple media outlets announced Joe Biden as the winner of the 2020 Presidential election, the uncertainty of a long-contested ballot counting process have ended. Now market participants can focus on the first few decisions of the President-elect before aggressively buying or selling crypto assets.

If the bullish sentiment sustains, these top-five cryptocurrencies could outperform in the short-term. Let’s analyze the charts to spot the critical support and resistance levels on each of them.