Price analysis 12/18: BTC, ETH, XRP, LTC, BCH, LINK, ADA, DOT, BNB, XLM

Christopher Wood, the global head of equity strategy at Jefferies (NYSE:), has dumped five percent of their physical gold position in order to buy (BTC). This move shows that a growing number of institutional investors consider Bitcoin to be at par or a better store of value than gold.

Wood also said that if Bitcoin were to have a big correction, he would buy more. The fact that institutional investors are content purchasing in the $16,000 to $20,000 range suggests that institutional investors are not worried about a pullback as they view it as an opportunity to accumulate for the long term.

Daily cryptocurrency market performance. Source: Coin360