Bitcoin
BTC$27 686.50

-1.54%

Ethereum
ETH$1 753.83

-2.24%

Tether
USDT$1.002131

0.08%

Binance Coin
BNB$324.49

-3.72%

USD Coin
USDC$0.999458

0.08%

XRP
XRP$0.451417

-1.31%

Bitcoin is gaining momentum


08 Feb 2022

#Bitcoin

Bitcoin is up 9% over the past week, ending at around $41,700. Ethereum is up 15%. Altcoins also woke up from hibernation and grew stronger than the market: from 5.8% (Binance Coin) to 17.3% (Solana). Over the same period, the total capitalization of the crypto market, according to CoinGecko, grew by 11.2%, up to $1.99 trillion.

The primary growth of the crypto market last week came on Friday when bitcoin at the end of the day soared by 10% in a few hours. The increase was not prevented even by strong data on the US labor market, which came out a couple of hours before the jump.

It is worth noting that the Nonfarm Payrolls can force the Fed to move faster to tighten monetary policy. Against this background, the yield of 10-year Treasuries jumped above 1.93%, hitting new two-year highs, and this could soon lead to sales in the stock market. If cryptocurrencies manage to resist and continue to grow, this will be a serious trend reversal order. Just like on Friday, when investors decided to buy BTC in order to protect investments from inflation.

Since then, Bitcoin has already added 17%, moving into a phase of an active uptrend. Technically, the first cryptocurrency broke the resistance of the descending corridor. Accelerating growth and steady buying throughout the weekend indicate a strong bullish momentum. Cautious investors are now looking at the test of the 50-day moving average. Previously, repeatedly fixing above this line preceded a multi-month uptrend.

Potentially, this will also be lost now. Therefore, some players consider this impulse as an important first signal of a recovery in demand for risky assets, despite fears of a rate increase.

Meanwhile, billionaire Ray Dalio has warned that a number of governments could outlaw cryptocurrencies. The government of the Russian Federation is considering introducing a tax on miners of at least 15%. According to the authorities, the tax on all participants in the crypto market can bring up to 1 trillion rubles to the treasury. In the meantime, the Fed has presented the Digital Dollar White Paper, but the issue of its future launch has not yet been resolved.


Related

Bitcoin retreats below $25000
Bitcoin retreats below $25000
The nice Bitcoin technique
The nice Bitcoin technique
Bitcoin falls below $20000
Bitcoin falls below $20000
Bitcoin falls below the $22000
Bitcoin falls below the $22000
Powell's speech deepens bitcoin correction
Powell's speech deepens bitcoin correction
HFM Introduces New Virtual Analyst
HFM Introduces New Virtual Analyst
Copy Trading Strategies: How to Start Successful Copy Trading
Copy Trading Strategies: How to Start Successful Copy Trading
Which Citizenship by Investment Programs are Crypto-Friendly?
Which Citizenship by Investment Programs are Crypto-Friendly?
Pressure on BTC at the $21500 level
Pressure on BTC at the $21500 level

Top Cryptocurrencies with Price Predictions

# Crypto Prediction Accuracy CVIX Price 24h 7d Market Cap 7d price change
1 Bitcoin (BTC) BTC Bitcoin predictions 72.8% 51 $27 686.50 -1.54% 12.26% $535 055 944 515 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 82% 34 $1 753.83 -2.24% 5.65% $214 622 976 485 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 92.4% 1 $1.002131 0.08% -0.07% $77 601 370 004 USDT 7 days price change
4 Binance Coin (BNB) BNB Binance Coin predictions 77.2% 47 $324.49 -3.72% 0.92% $51 234 239 201 BNB 7 days price change
5 USD Coin (USDC) USDC USD Coin predictions 90.4% 2 $0.999458 0.08% -0.04% $34 703 015 524 USDC 7 days price change
6 XRP (XRP) XRP XRP predictions 87.2% 17 $0.451417 -1.31% 23.74% $23 000 119 507 XRP 7 days price change
7 HEX (HEX) HEX HEX predictions 62.4% 82 $0.123358 18.48% 52.30% $21 391 630 916 HEX 7 days price change
8 Cardano (ADA) ADA Cardano predictions 73.6% 46 $0.369965 -1.76% 12.89% $12 844 876 045 ADA 7 days price change
9 Lido stETH (STETH) STETH Lido stETH predictions 94.4% 1 $2 941.39 -0.40% -3.32% $10 258 752 564 STETH 7 days price change
10 Dogecoin (DOGE) DOGE Dogecoin predictions 68.8% 57 $0.075005 -1.31% 6.24% $9 950 971 303 DOGE 7 days price change
11 Polygon (MATIC) MATIC Polygon predictions 71.2% 51 $1.12 -1.91% -0.94% $9 797 674 979 MATIC 7 days price change
12 Solana (SOL) SOL Solana predictions 70.4% 54 $21.69 -3.00% 10.97% $8 322 389 970 SOL 7 days price change
13 Binance USD (BUSD) BUSD Binance USD predictions 94.4% 1 $0.999370 -0.05% -0.07% $8 058 942 746 BUSD 7 days price change
14 Polkadot (DOT) DOT Polkadot predictions 74% 51 $6.17 -2.34% 2.98% $7 212 834 820 DOT 7 days price change
15 Litecoin (LTC) LTC Litecoin predictions 68.4% 58 $87.92 8.34% 11.30% $6 377 673 020 LTC 7 days price change

Be the first to receive Cryptocurrency Price Predictions and Forecasts daily

Get cryptocurrency price predictions, forecasts with analysis and news right to your inbox.

© 2015-2023 Crypto-Rating.com

The usage of this website constitutes acceptance of the following legal information. Any contracts of financial instruments offered to conclude bear high risks and may result in the full loss of the deposited funds. Prior to making transactions one should get acquainted with the risks to which they relate. All the information featured on the website, including information about the cryptocurrencies and bitcoin is intended solely for informational purposes, is not a means of advertising them, and doesn't imply direct instructions for investing. Crypto Rating shall not be liable for any loss, including unlimited loss of funds, which may arise directly or indirectly from the usage of this information. The editorial staff of the website does not bear any responsibility whatsoever for the content of the comments or reviews made by the site users about cryptocurrencies. The entire responsibility for the contents rests with the authors. Reprint of the materials is available only with the permission of the editorial staff.