Hong Kong tech firm Meitu revealed on April 8 that it had added $10 million value of Bitcoin (BTC) to its holdings which have been bought at a median price of $57,000 per coin. After the most recent buy, Meitu’s whole cryptocurrency portfolio consists of $49.5 million value of Bitcoin and $50.5 million value of Ether (ETH). This acquisition exhibits that institutional buyers are assured that the rally in Bitcoin remains to be in its early levels.

Tom Jessop, Constancy’s head of the crypto division, believes that Bitcoin has reached a tipping level and that conventional finance corporations will proceed to undertake cryptocurrency aggressively within the subsequent few years. Jessop believes the huge financial stimulus from governments and central banks has accelerated institutional adoption and it is a development that would prolong for at the very least one other yr.

Day by day cryptocurrency market efficiency. Supply: Coin360

It isn’t solely institutional buyers who’re speeding into cryptocurrencies. Information exhibits that the variety of retail buyers buying and selling cryptocurrency has additionally elevated. Fashionable buying and selling app Robinhood reported on April 8 that crypto buying and selling on its platform surged to 9.5 million customers in Q1 2021, a six-fold enhance over This fall 2020.

Whereas crypto adoption is on the rise, some legacy finance companies are nonetheless taking an anti-crypto method. HSBC has reportedly blacklisted MicroStrategy inventory and can not allow clients on its HSBC InvestDirect platform to purchase shares from the corporate.

Will Bitcoin and main altcoins prolong their uptrend and entice extra consumers or will they enter a corrective part? Let’s analyze the charts of the top-10 cryptocurrencies to seek out out.