Top 5 cryptocurrencies to watch this week: BTC, XRP, DOT, XLM, SOL

Bitcoin (BTC) has been struggling to rise above the $50,000 mark, which could have resulted in traders dumping their Bitcoin positions to invest in altcoins. Glassnode data suggests that whale addresses owning more than 1,000 BTC have reduced from about 2,500 in February to 2,100.

If large investors continue to sell, Bitcoin could witness a sharp correction until institutional investors step in and buy at lower levels. While MicroStrategy announced the purchase of 271 Bitcoin on May 13, other existing institutional investors appear to be adopting a wait and watch approach.

Crypto market data daily view. Source: Coin360

In an interview with Financial NewsSquare, Square chief financial officer Amrita Ahuja said, at this point, the firm does not have any plans to add Bitcoin to its existing haul of roughly 8,027 Bitcoin purchased in October 2020 and February of this year.

If other institutions also stay away from buying at current levels, Bitcoin’s price is likely to slide further. However, Fundstrat Global Advisors managing partner Tom Lee believes Bitcoin’s rally still has legs. Lee has increased his year-end Bitcoin target from $100,000 to $125,000.

With action becoming coin specific, let’s look at the top-5 cryptocurrencies that may lead the charge in the next few days.