Bitcoin
BTC$28 953.50

-4.17%

Ethereum
ETH$1 929.37

-6.11%

Tether
USDT$0.999062

0%

USD Coin
USDC$1.000165

0.02%

Binance Coin
BNB$316.54

-3.99%

XRP
XRP$0.397236

-6.29%

Bitcoin is at the dangerously low levels


09 Jul 2021

#Bitcoin

There is a summer lull in the crypto market, which, however, may just be the calm before the storm. Over the past 24 hours, Bitcoin has lost 7% and is trading around $32.3K. The price dynamic of the first cryptocurrency with seriously reduced trading volumes is considered a worrying sign. After all, if the market is affected by a small number of open positions, then any small storm could turn into a large-scale sell-off, disrupting an avalanche of stop orders.

The current levels near the local lows of the last two months make us watch with bated breath for further movements. The decline of the first cryptocurrency under $30k is likely to trigger a new wave of liquidation. But the most alarming thing for crypto-enthusiasts is that such an outcome will underscore the prolonged nature of the correction, increasing speculation around a new “crypto winter” like in 2018.

Whether this is true or not, we will find out in the near future, but for now, all major altcoins duplicate the price dynamics of the first coin. The leading altcoin Ethereum is losing almost 6% in the last 24 hours, trading around $2,250, which is quite a comfortable level. The project is consistently moving along the roadmap of the transition to PoS. The developers have the confidence of market participants, and Goldman Sachs recently called Ethereum more promising than Bitcoin.

If you try to summarise the number of projects and directions working on this blockchain, there is an understanding that Ethereum may indeed, in the long term, supersede BTC in terms of usage, which will be the foundation of the price. Stablecoins, De-Fi, and NFT tokens are running on the Ethereum blockchain. Since the beginning of 2021, $2.5 billion worth of NFT tokens have been sold.

Visa’s data also looks encouraging, showing that more than $1 billion in transactions have been made through cryptocurrencies since the beginning of 2021. Various companies are increasingly offering cryptocurrency-based products to customers. The ability to peg a cryptocurrency wallet to one of the leading payment processors will significantly increase the use of crypto products.

At this point, big capital may be watching the process of miners moving. After the Chinese authorities banned miners, the hash rate in the blockchain fell by almost 50%, which led to significant changes in both the difficulty of the algorithm and the profits of the remaining online miners. At the moment, they are making income as if Bitcoin is worth about $60K.

The miners’ likely choice of location for their work could affect the market outlook. Moving to the U.S. could improve the image of the first cryptocurrency, but there are suspicions that miners fear the U.S. authorities as much as the Chinese. Kazakhstan, Mongolia and other neighbouring countries with cold climates and access to cheap energy could become new locations.

For now, according to Glassnode, the time of calculations of one block has reached the highest value in Bitcoin history. While this could cause problems for the network in the event of high demand, the recalculation of difficulty will correct for any changes in the hash rate. On the other hand, we are now seeing a lucky combination in the market, with some miners stopping mining new coins and spending their savings due to the move, while others are mining significantly more than they are spending.


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Top Cryptocurrencies with Price Predictions

# Crypto Prediction Accuracy CVIX Price 24h 7d Market Cap 7d price change
1 Bitcoin (BTC) BTC Bitcoin predictions 60% 87 $28 953.50 -4.17% -3.67% $551 514 958 969 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 61.6% 88 $1 929.37 -6.11% -6.26% $233 271 604 070 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 95.6% 1 $0.999062 0% 0.01% $73 206 337 226 USDT 7 days price change
4 USD Coin (USDC) USDC USD Coin predictions 96% 1 $1.000165 0.02% 0.01% $53 264 489 963 USDC 7 days price change
5 Binance Coin (BNB) BNB Binance Coin predictions 58% 88 $316.54 -3.99% 4.58% $51 683 254 368 BNB 7 days price change
6 XRP (XRP) XRP XRP predictions 58.4% 91 $0.397236 -6.29% -7.17% $19 203 606 558 XRP 7 days price change
7 Binance USD (BUSD) BUSD Binance USD predictions 91.6% 1 $1.000278 0.11% 0.03% $18 328 809 687 BUSD 7 days price change
8 Cardano (ADA) ADA Cardano predictions 56.4% 93 $0.502003 -7.81% -12.64% $16 943 898 369 ADA 7 days price change
9 Solana (SOL) SOL Solana predictions 58.4% 91 $48.07 -9.25% -12.69% $16 307 952 335 SOL 7 days price change
10 Dogecoin (DOGE) DOGE Dogecoin predictions 60.8% 90 $0.081327 -5.98% -8.79% $10 789 659 758 DOGE 7 days price change
11 Polkadot (DOT) DOT Polkadot predictions 55.2% 90 $9.73 -6.72% -10.15% $9 613 488 110 DOT 7 days price change
12 Wrapped Bitcoin (WBTC) WBTC Wrapped Bitcoin predictions 56.8% 87 $28 897.59 -4.37% -3.70% $7 993 157 722 WBTC 7 days price change
13 TRON (TRX) TRX TRON predictions 73.2% 56 $0.079994 5.25% 13.91% $7 570 190 446 TRX 7 days price change
14 Avalanche (AVAX) AVAX Avalanche predictions 55.6% 93 $27.44 -12.43% -18.78% $7 390 659 271 AVAX 7 days price change
15 Dai (DAI) DAI Dai predictions 93.2% 1 $0.999659 -0.06% -0.01% $6 569 292 513 DAI 7 days price change

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