BTC, ETH, XRP, LTC, DASH

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Bitcoin (BTC) has made an outstanding comeback from its lows in March 2020, and that performance is being noticed by institutional investors. Recently, Rick Rieder, BlackRock’s CIO, Fixed Income, said Bitcoin could replace gold because it is “more functional than passing around a bullion of gold.”

Comments like these are a positive sign as they show that the narrative that Bitcoin is increasingly being viewed as digital gold, even among traditional investors, has gained wider acceptance.

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A new report from crypto investment firm Pantera Capital attributes the recent rise in Bitcoin price to PayPal’s new crypto service. According to Pantera, data shows that “PayPal is already buying almost 70% of the new Bitcoin offering” and Cash App the remaining 30%, which has resulted in a real supply bottleneck.

Day view of crypto market data. Source: Coin360

Bitcoin naysayers have long described the asset as too volatile, but research by investment management firm Van Eck found that roughly 51% of the S&P 500’s stocks were either equal to or more volatile than Bitcoin for 90 days.

Results like these could attract more cryptocurrency investors if the data became widely known.

Investors are now wondering whether Bitcoin price will have hit a new all-time high next week, and whether Altcoins will follow suit.

Let’s examine the charts of the top five cryptocurrencies to determine the path of least resistance and identify the critical levels up and down.