Bitcoin
BTC$26 246.05

0.36%

Ethereum
ETH$1 593.83

0.66%

Tether
USDT$0.999487

-0.01%

Binance Coin
BNB$211.72

0.08%

XRP
XRP$0.503310

-0.20%

USD Coin
USDC$1.000273

0.03%

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.


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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 93.2% 4 $26 246.05 0.36% -3.43% $511 734 085 488 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 90% 6 $1 593.83 0.66% -2.38% $191 632 513 294 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 94.8% 1 $0.999487 -0.01% -0.07% $83 224 164 781 USDT 7 days price change
4 Binance Coin (BNB) BNB Binance Coin predictions 92.4% 4 $211.72 0.08% -2.04% $32 571 718 390 BNB 7 days price change
5 XRP (XRP) XRP XRP predictions 92% 8 $0.503310 -0.20% -3.37% $26 832 642 795 XRP 7 days price change
6 USD Coin (USDC) USDC USD Coin predictions 95.6% 1 $1.000273 0.03% 0.02% $25 522 808 716 USDC 7 days price change
7 Lido stETH (STETH) STETH Lido stETH predictions 90.8% 1 $2 941.39 -0.40% -3.32% $10 258 752 564 STETH 7 days price change
8 Wrapped TRON (WTRX) WTRX Wrapped TRON predictions 88% 16 $0.084838 0.99% 0.17% $8 625 977 192 WTRX 7 days price change
9 Cardano (ADA) ADA Cardano predictions 90% 9 $0.243917 -0.07% -4.68% $8 568 448 261 ADA 7 days price change
10 Dogecoin (DOGE) DOGE Dogecoin predictions 94% 6 $0.060472 0.42% -3.43% $8 537 607 818 DOGE 7 days price change
11 Solana (SOL) SOL Solana predictions 85.2% 23 $18.91 -1.18% -6.86% $7 807 388 894 SOL 7 days price change
12 TRON (TRX) TRX TRON predictions 84.4% 20 $0.085113 0.64% 0.41% $7 583 242 853 TRX 7 days price change
13 Toncoin (TON) TON Toncoin predictions 58% 86 $2.15 0.87% -11.29% $7 362 786 595 TON 7 days price change
14 Dai (DAI) DAI Dai predictions 92% 1 $0.999873 0.06% 0% $5 347 208 180 DAI 7 days price change
15 Polkadot (DOT) DOT Polkadot predictions 89.6% 16 $4.00 -0.01% -3.39% $4 935 973 005 DOT 7 days price change

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