Price analysis 1/31: BTC, ETH, BNB, ADA, SOL, XRP, LUNA, DOGE, DOT, AVAX

Bitcoin (BTC) started the 2022 on a losing note, dropping about 20% to its worst performance in January since 2018 when the price plunged 26.61%, according to on-chain analytics resource Coinglass.

Now, all eyes turn to February, which has historically favored the bulls. The only two negative closes in February were in 2020 and 2014.

One positive sign during the recent price decline has been that the long-term hodlers have not panicked. Glassnode data shows that the number of coins that last moved between five and seven years ago surged to a new all-time high.

Daily cryptocurrency market performance. Source: Coin360

El Salvador’s President Nayib Bukele projected a “gigantic price increase” for Bitcoin. Bukele’s prediction is based on the fact that if the millionaires of the world, who are more than 50 million in number, want to buy at least one Bitcoin, there isn’t enough supply to fulfill that demand.

Could Bitcoin and the major altcoins end the month on a strong note? Let’s study the charts of the top-10 cryptocurrencies to find out.