Bitcoin
BTC$26 284.93

0.40%

Ethereum
ETH$1 590.77

0.91%

Tether
USDT$0.999945

0%

Binance Coin
BNB$211.48

1.43%

XRP
XRP$0.503892

0.71%

USD Coin
USDC$1.000097

0.01%

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 90.8% 4 $26 284.93 0.40% -1.58% $512 450 303 832 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 89.6% 6 $1 590.77 0.91% -2.61% $191 259 893 789 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 94.8% 1 $0.999945 0% -0.03% $83 203 336 292 USDT 7 days price change
4 Binance Coin (BNB) BNB Binance Coin predictions 90.4% 4 $211.48 1.43% -2.18% $32 535 832 612 BNB 7 days price change
5 XRP (XRP) XRP XRP predictions 92.4% 8 $0.503892 0.71% 0.08% $26 829 848 518 XRP 7 days price change
6 USD Coin (USDC) USDC USD Coin predictions 94.8% 1 $1.000097 0.01% 0% $25 662 645 608 USDC 7 days price change
7 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
8 Cardano (ADA) ADA Cardano predictions 94% 7 $0.246497 0.97% -2.26% $8 657 571 831 ADA 7 days price change
9 Dogecoin (DOGE) DOGE Dogecoin predictions 94% 6 $0.061028 0.22% -1.62% $8 614 628 399 DOGE 7 days price change
10 Wrapped TRON (WTRX) WTRX Wrapped TRON predictions 86% 17 $0.083146 -0.31% 0.29% $8 453 971 571 WTRX 7 days price change
11 Solana (SOL) SOL Solana predictions 87.2% 23 $19.34 -0.18% -2.27% $7 984 181 258 SOL 7 days price change
12 TRON (TRX) TRX TRON predictions 83.2% 20 $0.084559 1.10% 0.67% $7 535 502 870 TRX 7 days price change
13 Toncoin (TON) TON Toncoin predictions 62.4% 79 $2.15 -2.42% -11.06% $7 377 709 332 TON 7 days price change
14 Dai (DAI) DAI Dai predictions 91.2% 1 $0.999944 0.04% 0% $5 347 589 340 DAI 7 days price change
15 Polkadot (DOT) DOT Polkadot predictions 87.6% 23 $4.09 2.02% -0.27% $5 277 683 110 DOT 7 days price change

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