Hong Kong tech firm Meitu revealed on April 8 that it had added $10 million price of Bitcoin (BTC) to its holdings which have been bought at a median charge of $57,000 per coin. After the newest buy, Meitu’s whole cryptocurrency portfolio consists of $49.5 million price of Bitcoin and $50.5 million price of Ether (ETH). This acquisition exhibits that institutional buyers are assured that the rally in Bitcoin continues 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 pattern that might prolong for no less than one other 12 months.

    Each day cryptocurrency market efficiency. Supply: Coin360

    It’s not solely institutional buyers who’re dashing into cryptocurrencies. Information exhibits that the variety of retail buyers buying and selling cryptocurrency has additionally elevated. Well-liked 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 autumn 2020.

    Whereas crypto adoption is on the rise, some legacy finance corporations are nonetheless taking an anti-crypto method. HSBC has reportedly blacklisted MicroStrategy inventory and won’t permit clients on its HSBC InvestDirect platform to purchase shares from the corporate.

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