Bitcoin
BTC$41 312.94

-1.79%

Ethereum
ETH$3 057.90

-4.13%

Tether
USDT$1.000957

0.03%

Binance Coin
BNB$454.95

-4.03%

Cardano
ADA$1.37

-11.53%

USD Coin
USDC$0.999548

-0.04%

Bitcoin Outperforms Top Cryptocurrencies in June


01 Jul 2021

#Bitcoin

Bitcoin traded lower on Wednesday as traders took profits into the June close. The world’s largest cryptocurrency is on track for a record second-quarter price drop of 41%, snapping a four-quarter winning streak that saw prices chart a sixfold rise to almost $65,000 in April. The crypto sell-off over the past quarter was triggered by regulatory crackdowns, concerns about tighter monetary policy, environmental issues and a slowdown in institutional demand. Selling stabilized in June, leaving bitcoin in a tight range of between $30,000 and $40,000.

Bitcoin was trading at around $34,000 at press time and is down about 4% over the past 24 hours. “Price swings reinforce the idea that volatility is a fundamental part of a nascent and expanding market,” Steve Elrich, CEO of crypto exchange Voyager Digital, wrote in an email to CoinDesk. “Investors are still buying the dip.” The decline in altcoins stabilized bitcoin’s dominance ratio, or relative market share, at around 45%. There are signs, however, that altcoin demand has risen in recent weeks.

The bitcoin options market sees a 65% chance of price remaining above $20,000 by the end of the year. And there is a 20% chance that bitcoin will return above $50,000 according to options data provider Skew. Bitcoin technicals are also improving as signs of downside exhaustion appeared on the charts last week, according to DeMark Indicators. That suggests buyers could remain active above $30,000 support over the intermediate term.

Bitcoin registered a “death cross” when the 50-day moving average crossed below the 200-day moving average on June 19. Typically, a death cross signals a shift from a bullish to bearish trend and occurs after an initial price sell-off.

Returns following a death cross event can vary and tend to be low to negative. “We conclude that [the death cross] is not a consistent downside price predictor over 1, 3, 6 and 12 month periods,” tweeted CoinShares on June 22. The Bitcoin hashrate has stabilized after falling for 10 straight days, and industry experts are speculating that the worst fallout from China’s recent mining crackdown might be over.Bitcoin’s seven-day average hashrate stood at 90.6 exahashes per second on Tuesday, up slightly from 90.5 EH/s on Monday. The number is still down by roughly half from the peak rate reached in mid-May, according to data from Glassnode.


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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 71.2% 61 $41 312.94 -1.79% -2.97% $782 208 393 376 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 64.4% 76 $3 057.90 -4.13% -4.99% $364 557 204 266 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 96% 1 $1.000957 0.03% 0.07% $78 389 539 616 USDT 7 days price change
4 Binance Coin (BNB) BNB Binance Coin predictions 70% 60 $454.95 -4.03% -0.74% $75 119 228 033 BNB 7 days price change
5 Cardano (ADA) ADA Cardano predictions 76% 52 $1.37 -11.53% 13.83% $45 869 836 376 ADA 7 days price change
6 USD Coin (USDC) USDC USD Coin predictions 96% 1 $0.999548 -0.04% -0.05% $45 742 193 035 USDC 7 days price change
7 Solana (SOL) SOL Solana predictions 62.8% 81 $134.45 -3.98% -3.06% $42 237 959 711 SOL 7 days price change
8 XRP (XRP) XRP XRP predictions 69.2% 65 $0.728701 -3.80% -4.17% $34 732 162 139 XRP 7 days price change
9 Terra (LUNA) LUNA Terra predictions 74% 57 $76.09 -1.12% 0.67% $27 219 693 512 LUNA 7 days price change
10 Polkadot (DOT) DOT Polkadot predictions 73.2% 51 $23.84 -5.97% -7.36% $23 544 579 275 DOT 7 days price change
11 Dogecoin (DOGE) DOGE Dogecoin predictions 75.2% 45 $0.160728 -5.76% 5.59% $21 323 857 260 DOGE 7 days price change
12 Avalanche (AVAX) AVAX Avalanche predictions 61.2% 79 $81.61 -6.07% -9.81% $19 942 092 907 AVAX 7 days price change
13 SHIBA INU (SHIB) SHIB SHIBA INU predictions 70% 63 $0.000027 -4.93% -3.67% $15 025 615 032 SHIB 7 days price change
14 Polygon (MATIC) MATIC Polygon predictions 68.4% 59 $2.02 -8.18% -12.60% $14 789 690 265 MATIC 7 days price change
15 Binance USD (BUSD) BUSD Binance USD predictions 90.8% 1 $0.999731 -0.10% -0.13% $14 211 573 940 BUSD 7 days price change

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