Top 5 cryptocurrencies to watch this week: BTC, LUNA, FTM, ATOM, ONE
LUNA, FTM, ATOM, and ONE could rally if Bitcoin rises above the 50-day SMA.
Bitcoin (BTC) continues to languish below the psychological level at $50,000 in the first few days of the New Year, indicating a lack of aggressive buying by traders. Former BTCC CEO Bobby Lee said the exodus of the Chinese traders who had until Dec. 31 to exit Chinese exchanges may have kept prices lower into the year-end.
However, President Nayib Bukele of El Salvador, the first country to adopt Bitcoin as legal tender, believes that Bitcoin could rally to $100,000 this year. President Bukele also said that two more countries will accept Bitcoin as legal tender in 2022.
The increased crypto adoption by institutional investors in 2021 is another long-term positive. According to CoinShares, net inflows into crypto funds in 2021 were more than $9.3 billion. A majority of over two-thirds of the crypto inflows were into Bitcoin.
Could Bitcoin start a new up-move in January pulling select altcoins higher? Let’s study the charts of the top-5 cryptocurrencies that may remain positive in the short term.
Bitcoin has been trading between the 20-day exponential moving average ($48,720) and the strong support at $45,456 for the past few days. This suggests that buying dries up at higher levels.