BTC, ETH, BNB, ADA, SOL, XRP, LUNA, DOGE, DOT, AVAX

Bitcoin (BTC) rose above $39,000 on Feb. 1 but the sharp fall in the shares of PayPal may have resulted in aggressive selling by the short-term traders.

However, in the long-term, large investors seem to be viewing the decline as a buying opportunity. On-chain monitoring resource Whalemap said that whales holding between 100 to 10,000 BTC have accumulated during the recent decline.

Fidelity recently released a paper dubbed “Bitcoin First,” which highlights that Bitcoin is the most “secure, decentralized form of asset” and is unlikely to be overtaken by any of the altcoins “as a monetary good.”

The report said that Bitcoin combines “the scarcity and durability of gold with the ease of use, storage and transportability of fiat.”

Daily cryptocurrency market performance. Source: Coin360

Irrespective of Bitcoin’s volatility, its transaction volumes at the end of 2021 clocked an annual growth of nearly 100% over the past five years, according to a recent NYDIG report. This boosted Bitcoin’s annual transaction volume to $3 trillion in 2021, surpassing popular credit card network American Express, which recorded $1.3 trillion worth of payments and Discover, which had $0.5 trillion.

Could the accumulation by the bulls indicate that a bottom may be around the corner? Let’s study the charts of the top-10 cryptocurrencies to find out.