Price analysis 8/31: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, MATIC, SHIB

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Price analysis 8/31: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, MATIC, SHIB

Bitcoin (BTC) price has been trying to change course while the S&P 500 is still giving up gains on a daily basis. Even though the United States equities markets have been grinding lower since Aug. 26, Bitcoin has managed to hold on to the $20,000 mark. 

However, investor interest seems to be shifting away from Bitcoin. That has led to a reduction in assets under management (AUM) for Bitcoin investment products, which dropped 7.16% in August to $17.4 billion, according to a new report by CryptoCompare.

In comparison, the AUM for Ethereum (ETH) products increased 2.36% to $6.81 billion during the same period, indicating that investors are positioning themselves in Ethereum products ahead of the Merge.

Daily cryptocurrency market performance. Source: Coin360

Even though prices are down across the ecosystem, bear markets at least offer attractive opportunities to long-term investors. To capitalize on this opportunity, Reddit co-founder Alexis Ohanian’s venture capital firm Seven Seven Six is aiming to raise $177.6 million for a crypto investment fund. On similar lines, former executives from Galaxy Digital and Genesis are looking to raise a $500 million fund.

Although the near term looks uncertain, long-term investors may be looking for bottom fishing opportunities. Could Bitcoin and major altcoins stay above their immediate support levels? Let’s study the charts of the top-10 cryptocurrencies to find out.