Price analysis 12/18: BTC, ETH, XRP, LTC, BCH, LINK, ADA, DOT, BNB, XLM

Christopher Wood, the global head of equity strategy at Jefferies, has dumped five percent of their physical gold position in order to buy Bitcoin (BTC). This move shows that a growing number of institutional investors consider Bitcoin to be at par or a better store of value than gold.

Wood also said that if Bitcoin were to have a big correction, he would buy more. The fact that institutional investors are content purchasing in the $16,000 to $20,000 range suggests that institutional investors are not worried about a pullback as they view it as an opportunity to accumulate for the long term.

One River Digital Asset Management also recently revealed a $600 million bet on Bitcoin and Ether. CEO Eric Peters, said the hedge fund plans to buy more Bitcoin and Ether in the first half of next year to take the total allocation in the assets to $1 billion.

This is further signal that the institutional demand for crypto assets is likely to remain high going into 2021.

Daily cryptocurrency market performance. Source: Coin360

Nigel Green, founder and CEO of deVere Group, expects Bitcoin’s bull run to continue in 2021 as the digital asset’s rally will be supported by the influx of “some of the world’s biggest institutions.” Green expects Bitcoin’s price to at least rise by 50% or even possibly double next year.

However, not everyone is convinced about the prospects of Bitcoin. Billionaire Mark Cuban said that Bitcoin is not a hedge “against doomsday scenarios” and it is “unlikely to replace fiat currency anytime soon.”

Will Bitcoin correct in the short term and give a bragging opportunity to the naysayers, or will it continue to rally higher? Let’s analyze the charts of the top-10 cryptocurrencies to find out.