Bitcoin
BTC$28 532.89

-0.14%

Ethereum
ETH$1 824.10

-0.20%

Tether
USDT$1.000316

0.02%

Binance Coin
BNB$315.64

-0.57%

USD Coin
USDC$0.999876

0%

XRP
XRP$0.511375

-5.49%

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 61.2% 79 $28 532.89 -0.14% 3.93% $551 670 149 541 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 68.8% 61 $1 824.10 -0.20% 4.92% $219 727 600 320 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 92.8% 1 $1.000316 0.02% -0.05% $79 719 012 525 USDT 7 days price change
4 Binance Coin (BNB) BNB Binance Coin predictions 74.4% 55 $315.64 -0.57% -2.11% $49 835 690 238 BNB 7 days price change
5 USD Coin (USDC) USDC USD Coin predictions 92.8% 2 $0.999876 0% 0.01% $32 523 408 102 USDC 7 days price change
6 XRP (XRP) XRP XRP predictions 61.2% 82 $0.511375 -5.49% 14.38% $26 426 923 668 XRP 7 days price change
7 HEX (HEX) HEX HEX predictions 64.8% 68 $0.079733 -11.69% -4.21% $13 826 597 050 HEX 7 days price change
8 Cardano (ADA) ADA Cardano predictions 76.8% 41 $0.395366 -1.54% 12.31% $13 736 058 748 ADA 7 days price change
9 Dogecoin (DOGE) DOGE Dogecoin predictions 82% 23 $0.082097 6.31% 11.45% $11 392 170 316 DOGE 7 days price change
10 Lido stETH (STETH) STETH Lido stETH predictions 91.2% 1 $2 941.39 -0.40% -3.32% $10 258 752 564 STETH 7 days price change
11 Polygon (MATIC) MATIC Polygon predictions 84.8% 26 $1.12 -0.51% 3.83% $10 126 762 079 MATIC 7 days price change
12 Solana (SOL) SOL Solana predictions 79.2% 36 $21.17 -1.11% 3.92% $8 163 446 069 SOL 7 days price change
13 Binance USD (BUSD) BUSD Binance USD predictions 93.2% 1 $0.999556 -0.03% -0.01% $7 553 833 722 BUSD 7 days price change
14 Polkadot (DOT) DOT Polkadot predictions 83.6% 28 $6.34 0.07% 7.60% $7 432 742 823 DOT 7 days price change
15 Litecoin (LTC) LTC Litecoin predictions 71.6% 50 $92.91 3.13% 1.69% $6 746 413 734 LTC 7 days price change

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