Top 5 cryptocurrencies to watch this week: BTC, XRP, DOT, XLM, SOL
Cointelegraph
Published May 16, 2021 03:58PM ET
Updated May 16, 2021 05:40PM ET
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.
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Written By: Cointelegraph
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