Price analysis 2/24: BTC, ETH, BNB, DOT, ADA, XRP, LTC, LINK, BCH, XLM

Bitcoin price is attempting to flip the $50,000 level back to support, while many altcoins are capitalizing on BTC’s consolidation by moving higher.

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Institutional investors continue to pour money into the crypto sector even with the current dip below $45,000. On Feb.24, business intelligence firm MicroStrategy announced that it had recently purchased over $1 billion worth of Bitcoin (BTC) at an average rate of $52,765 per coin. This takes the company’s total holding to 90,531 Bitcoin.

Another company that bought Bitcoin during the current market correction is Square. The company said it had acquired roughly “3,318 Bitcoin at an aggregate purchase price of $170 million.”

These purchases by institutional investors show they are bullish on the long-term prospects of Bitcoin and believe that it is a good buy near $50,000.

Daily cryptocurrency market performance. Source: Coin360

While the institutional purchases are a bullish sign, traders must also remember that for every buyer, there is a seller. Glassnode data suggests that Bitcoin whales, holding between 1,000 Bitcoin to 10,000 Bitcoin and “humpback whales” holding more than 10,000 Bitcoin have sold more than 140,000 Bitcoin in February.

In the past, the whales swayed the crypto markets at their will. But the entry of institutional investors has reduced their dominance. Therefore, along with the whales, traders must also keep an eye on the institutional activity.

While large investors can buy and hold for the long-term, the smaller investor would do well to buy at the right time to make the most of the limited available capital. Let’s study the charts of the top-10 cryptocurrencies to determine the trend.