Bitcoin
BTC$57 397.14

5.51%

Ethereum
ETH$4 325.04

6.69%

Binance Coin
BNB$609.29

4.33%

Tether
USDT$1.000997

0.02%

Solana
SOL$203.84

7.44%

Cardano
ADA$1.59

5.99%

Bitcoin price back to highs, but trading volume drops


30 Mar 2021

#Bitcoin

Bitcoin held the $50K threshold, allowing it to rebound to $57K over the weekend. Retail investors took the opportunity to enter the market at a large discount, but it did not lead to a test of $60K. The market also received positive momentum on the news that Visa has added support for USD Coin as part of a pilot program. This is a new sign of acceptance of cryptocurrencies in the traditional financial industry.

Positive price movements coupled with reduced trading volumes could be considered alarming. Since reaching the local low of $51K and as the price rebounds, volumes are down 44%. That is, we are witnessing the right reaction of the market, but we do not see the enthusiasm. Investors will probably be in standby mode for new triggers in the near future, trying to see if there is enough momentum left in the crypto market for another $60K test.

The Biden administration has said it is working through another stimulus package, which should eventually also keep the growth momentum in the crypto market. The new cash checks for Americans are probably still the biggest positive argument during the tug of war between the bulls and the bears.

The Crypto Fear & Greed Index for Bitcoin and major cryptocurrencies along with the price reached a local low of “54,” after which, in full accordance with the price dynamics, went up, and at the beginning of the working week reached the value of “72,” which corresponds to the “Greed” mode. The index is close to switching to the next stage, indicating an overheated condition.

As originally conceived, cryptocurrencies act as a reserve monetary instrument in emerging economies. The most prominent recent example was Turkey. Saving their money from the depreciation of the lira, Turkish citizens began to buy Bitcoin. As a result, news emerged that the value of the coin in the country had reached $100K.

Along with the desire to save the asset’s value, cryptocurrency users also need decentralized data storage. The relevance of this is shown by the success of the Filecoin project. The coin has gained 60% in a week and is now trading around $129. The primary point of the project is to use surplus HDD space to store users’ data, paying them a fee in the form of a FIL token for providing the space. However, as in the case of Bitcoin, where a significant share of computing power ends up being concentrated in China, the main participants in the Filecoin ecosystem also comes from that region.


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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 78.8% 42 $57 397.14 5.51% -0.13% $1 084 001 374 692 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 82.4% 32 $4 325.04 6.69% 3.38% $512 656 495 446 ETH 7 days price change
3 Binance Coin (BNB) BNB Binance Coin predictions 74.4% 53 $609.29 4.33% 7.07% $101 630 227 689 BNB 7 days price change
4 Tether (USDT) USDT Tether predictions 94.8% 1 $1.000997 0.02% -0.01% $73 194 134 956 USDT 7 days price change
5 Solana (SOL) SOL Solana predictions 69.2% 65 $203.84 7.44% -8.23% $61 976 513 439 SOL 7 days price change
6 Cardano (ADA) ADA Cardano predictions 67.2% 60 $1.59 5.99% -11.72% $52 852 892 795 ADA 7 days price change
7 XRP (XRP) XRP XRP predictions 74.4% 51 $0.987767 7.45% -5.41% $46 582 102 093 XRP 7 days price change
8 USD Coin (USDC) USDC USD Coin predictions 91.2% 2 $0.998878 -0.13% -0.10% $38 347 542 030 USDC 7 days price change
9 Polkadot (DOT) DOT Polkadot predictions 66% 75 $36.25 8.95% -9.51% $35 798 276 399 DOT 7 days price change
10 Dogecoin (DOGE) DOGE Dogecoin predictions 62.4% 74 $0.205694 2.60% -7.52% $27 214 125 290 DOGE 7 days price change
11 Avalanche (AVAX) AVAX Avalanche predictions 66.8% 75 $112.35 3.84% -16.51% $25 147 340 195 AVAX 7 days price change
12 SHIBA INU (SHIB) SHIB SHIBA INU predictions 62% 77 $0.000039 3.61% -9.86% $21 537 353 661 SHIB 7 days price change
13 Crypto.com Chain (CRO) CRO Crypto.com Chain predictions 56% 90 $0.766272 1.87% 10.94% $19 358 331 922 CRO 7 days price change
14 Terra (LUNA) LUNA Terra predictions 64.8% 72 $49.02 8.15% 18.38% $19 258 363 664 LUNA 7 days price change
15 Wrapped Bitcoin (WBTC) WBTC Wrapped Bitcoin predictions 74.4% 46 $56 525.74 5.34% -1.06% $14 327 926 572 WBTC 7 days price change

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