Bitcoin
BTC$61 246.04

4.35%

Ethereum
ETH$3 251.17

2.79%

Tether
USDT$1.000228

0%

Binance Coin
BNB$543.37

2.69%

Solana
SOL$148.00

5.58%

USD Coin
USDC$0.999891

-0.01%

Crypto thaw sends bears into hibernation


August 2022

Ever since cryptocurrency prices went into freefall in late 2021, everybody from analysts to disgruntled investors has been speaking of a long, hard crypto winter, with some even calling it the end of digital currencies as we know them. But as anybody with more than six months of experience in this market can tell you, extreme boom and bust cycles kind of come with the territory. A decline of over 70% in a given stock's price over the space of a few weeks might well be viewed as a death knell for the underlying company, but that's just another day at the office for Bitcoin.

The original cryptocurrency has actually lost over 50% of its value seven times in total. It once even plummeted 99% from its local high. But each and every time, it came back stronger than ever.

After reaching a low of $18,948 in June, BTC managed to gain almost 20% in the month of July and currently stands at a much healthier-looking $23,191. Now that Bitcoin is back on the right side of that key $20,000 support, the crypto bulls are coming out of the woodwork and gearing themselves up for another run. But is the winter really over, or could they be running right into a trap?

HODLers

The latest figures on BTC dormant for more than one year would suggest that accumulation is over, a phenomenon that has historically signalled the end of a bear market and the start of a new bull cycle. Independent crypto analyst Miles Johal identified a rounded top formation in HODLed Bitcoin, which appears to be close to completion. Past experience would suggest that prices will respond by rising once it does. It all boils down to the HODL Waves metric, which basically gives a breakdown of supply according to when each BTC last moved. Now, the majority of the total Bitcoin supply is accounted for by the one-year HODL wave.

Why is this significant? Well, the data clearly show that the larger the share of Bitcoin that has been motionless for at least a year is, the closer BTC is to a macro bottom. In fact, we're already seeing BTC/USD regain lost ground and – once this 'rounded top' pattern finally comes full circle – history indicates that a sustained uptrend could well follow.

But what about record exchange outflows?

Bitcoin is indeed flowing rapidly out of exchanges and has been doing so for at least the past six months. According to the latest data from Glassnode, BTC in exchange-based wallets now only accounts for 12.6% of the total supply (2.4 million BTC), which represents a 4.6% decline since Bitcoin's March 2020 all-time high, when this figure stood at 3.15 million BTC.

While these outflows are somewhat correlated with declining crypto prices, that's only half the story. A significant number of market participants are actually leaving exchanges for security concerns.

Following a series of high-profile busts of so-called 'safe bets' like crypto banks Celsius and Voyager — not to mention the infamous collapse of stablecoin Terra — the "not your keys, not your crypto" mentality is back in fashion once more. People are still interested in owning digital currencies; they just prefer to hold them in their own private wallets. Elsewhere, the rise of CFD trading with traditional CFD brokers such as Libertex has also offered another avenue for active traders to bet on crypto price changes without owning the underlying asset.

Trade crypto CFDs with Libertex

Libertex offers long or short positions in CFDs on all of the most popular digital currencies, including Bitcoin, Ethereum and Solana, as well as many other altcoins and tokens. And because Libertex offers CFDs on every other major asset class, you can keep all of your trades in one accessible location. For more information or to create your own trading account, visit www.libertex.com/signup!

Top Cryptocurrencies with Price Predictions

# Crypto Prediction Accuracy CVIX Price 24h 7d Market Cap 7d price change
1 Bitcoin (BTC) BTC Bitcoin predictions 72.4% 48 $61 246.04 4.35% 8.24% $1 207 791 624 997 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 77.6% 46 $3 251.17 2.79% 9.85% $390 841 391 746 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 92.8% 1 $1.000228 0% 0.04% $112 492 586 189 USDT 7 days price change
4 Binance Coin (BNB) BNB Binance Coin predictions 74.8% 48 $543.37 2.69% 9.41% $80 192 402 418 BNB 7 days price change
5 Solana (SOL) SOL Solana predictions 83.6% 25 $148.00 5.58% 9.85% $68 679 439 753 SOL 7 days price change
6 USD Coin (USDC) USDC USD Coin predictions 95.2% 1 $0.999891 -0.01% -0.01% $33 950 428 770 USDC 7 days price change
7 XRP (XRP) XRP XRP predictions 82.4% 29 $0.529085 -1.18% 24.39% $29 525 767 853 XRP 7 days price change
8 Toncoin (TON) TON Toncoin predictions 82% 27 $7.38 1.13% 2.82% $18 491 966 424 TON 7 days price change
9 Dogecoin (DOGE) DOGE Dogecoin predictions 73.6% 54 $0.112941 1.11% 5.11% $16 389 621 588 DOGE 7 days price change
10 Cardano (ADA) ADA Cardano predictions 78.8% 36 $0.436821 -0.38% 23.96% $15 673 589 601 ADA 7 days price change
11 TRON (TRX) TRX TRON predictions 80.8% 37 $0.137848 -1.93% 9.87% $12 009 843 432 TRX 7 days price change
12 Avalanche (AVAX) AVAX Avalanche predictions 74.4% 48 $26.30 2.07% 1.42% $10 373 109 265 AVAX 7 days price change
13 SHIBA INU (SHIB) SHIB SHIBA INU predictions 74.4% 42 $0.000018 3.15% 11.44% $10 331 743 395 SHIB 7 days price change
14 Lido stETH (STETH) STETH Lido stETH predictions 91.6% 1 $2 941.39 -0.40% -3.32% $10 258 752 564 STETH 7 days price change
15 Wrapped TRON (WTRX) WTRX Wrapped TRON predictions 92% 1 $0.116354 -0.46% 0.23% $10 171 995 609 WTRX 7 days price change

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