Top 5 cryptocurrencies to watch this week: BTC, ADA, XLM, XMR, MANA


The bears are attempting to extend Bitcoin’s (BTC) record of nine consecutive red weekly candles to ten weeks, but the bulls are trying to avert this downside. Although sentiment remains negative, Arthur Hayes, the former CEO of derivatives giant BitMEX, expects bitcoin to bottom in the $25,000 to $27,000 range.

On-chain data from Glassnode suggests that smart money may have started hoarding bitcoins. Net outflows from major cryptocurrency exchanges reached 23,286 bitcoin on June 3, the highest since May 14.

Crypto market data daily view. Source: Coin360

Another positive sign of accumulation is that investment in bitcoin exchange-traded products (ETPs) was strong in May and has only increased in the first two days of June, according to an Arcane Research report. The ETP has 205,000 bitcoins under management, a new record.

Can Bitcoin turn on and start a recovery? If it does, could select altcoins follow the leader? Let’s take a look at the chart of the top 5 cryptocurrencies that could lead the relief rally.