Tuesday, August 16


Bitcoin (BTC) and most of the major altcoins have been struggling to rebound from the steep drop seen on November 26. This indicates that traders may be nervous about buying at current levels due to uncertainty regarding the strongly mutated new strain of coronavirus detected in the South. Africa.

According to a report from CryptoCompare, Bitcoin assets under management decreased 9.5% to $ 48.70 billion in November. On the other hand, the AUM of altcoin-based crypto funds increased 5.4% to $ 16.60 billion.

This indicates that traders may have booked profits in Bitcoin and rotated some of that money into altcoins.

Daily view of crypto market data. Source: Coin360

Celsius founder and CEO Alex Mashinsky was unfazed by the recent drop and saw the drop as a buying opportunity. He said on November 28 that he had “bought almost $ 10 million worth of Bitcoin and Ether at current levels” as he anticipates Bitcoin to rebound to $ 70,000. Mashinsky added that he would cut his latest purchases in half if Bitcoin breaks support at $ 50,000.

If Bitcoin recovers from the current level, some altcoins may also attract investors’ attention. Let’s take a look at the charts of the top 5 cryptocurrencies that may remain in focus for the next few days.