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

According to a report by on-chain analytics firm Glassnode, Bitcoin’s (BTC) current bear market is one of the worst. This was the first time in history that the Mayer Multiple had dropped below the low of the previous cycle. Bitcoin’s plunge below $20,000 on June 18 was the biggest loss ever recorded by investors, with $4.23 billion in a single day. Glassnode believes that the capitulation in Bitcoin may have begun considering the above factors and a few other events.

Bitcoin whales seem to have started their purchases, suggesting that the bottom may be near, and on June 25, analytics resource “Game of Trades” highlighted that demand from whales holding 1,000 to 10,000 Bitcoins has witnessed a sharp increase in demand.

Daily cryptocurrency market performance. Source: coin360

Another sign that traders are buying comes from Glassnode comments, which suggest that the 30-day average change in supply held on exchanges dropped 153,849 Bitcoin on June 26, the largest in history.

Can the bulls continue their buying on the dips and create a higher bottom? Let’s examine the charts of the top 10 cryptocurrencies to find out.