The bitcoin market is back to trending towards bullish territory after a flat Wednesday made it clear traders were taking a bit of a breather. The price was able to go as high as $19,607 but lost steam at $19,363, as of press time. Thursday’s even tighter range than the previous 24 hours is a symptom of lower-than-average volume. According to exchange data from the CoinDesk 20, daily volume was at $990 million as of press time, lower than Wednesday’s $1.3 billion daily volume and the past month’s $1.5 billion average.
Optimism abounds that more fundamentally positive news combined with market dynamics will lead the world’s oldest cryptocurrency higher. “I was explaining to my non-crypto colleagues today that the supply and demand imbalance is just incredible,” said Chris Thomas, head of digital assets for Swissquote Bank. “We’re seeing some institutional buyers pick up large amounts fairly frequently, so the others will also be seeing that [and asking] where are they getting the coins from?”
The dry powder is out there in the form of miner wallets. Their balances have increased over the course of 2020, with Lubian.com, F2Pool, BinancePool and Poolin collectively holding over 33,000 BTC, according to data aggregator Glassnode.
“Miners need to cover their operating costs,” Thomas added. “So for me, it’s clear we’re going to continue going higher in a fairly convincing way for quite some time yet.” “I am totally convinced we are a couple of weeks into a bull market surge of as big proportions as the last one,” said Henrik Kugelberg, a crypto over-the-counter trader. “Bitcoin will fly past the all-time high very soon and I would be surprised if we don’t see a $30,000 bitcoin before summer.”
That’s a hyperbullish statement from a hardcore bitcoiner, but Kugelberg also cautioned that wild gyrations are likely in the days ahead for the crypto market. “It will be a very bumpy ride with drops of 20% to 30% every now and then,” Kugelberg added. “It’s bitcoin and the [amplifier volume] knob goes to 11. If I had time I’d try to surf the waves as a day trader, but I leave that to others.”
Bitcoin’s overall volatility has been creeping upward since October and traders will continue to keep an eye on that metric in this overall bull market. While attention seems to be on bitcoin in this market atmosphere, it’s not the only story in the crypto markets, noted Denis Vinokourov, head of research at crypto brokerage BeQuant.
Ether (ETH), the second-largest cryptocurrency by market capitalization, was up Wednesday, trading around $611 and climbing 2.3% in 24 hours as of 21:00 UTC (4:00 p.m. ET). The ETH/BTC pair, which is offered on most major cryptocurrency exchanges, has been trending bullish on the daily charts by technical analysis standards. Since late November its price has been above major moving averages. This suggests investors are willing to spend some bitcoin to scoop up ether.
|#||Crypto||Prediction||Accuracy||CVIX||Price||24h||7d||Market Cap||7d price change|
|1||BTC||Bitcoin predictions||74.4%||48||$49 653.41||-1.04%||-11.92%||$938 231 285 210|
|2||ETH||Ethereum predictions||77.2%||39||$4 371.46||1.74%||-2.81%||$518 726 908 591|
|3||BNB||Binance Coin predictions||78.4%||35||$602.61||6.15%||-1.70%||$100 516 630 091|
|4||USDT||Tether predictions||93.6%||1||$1.001029||0.01%||0.07%||$76 404 874 493|
|5||SOL||Solana predictions||70%||61||$189.68||1.51%||-15.46%||$58 298 771 519|
|6||ADA||Cardano predictions||65.2%||77||$1.37||1.42%||-10.77%||$45 766 334 793|
|7||USDC||USD Coin predictions||92.4%||2||$1.001815||0.22%||0.32%||$41 115 117 851|
|8||XRP||XRP predictions||68.8%||65||$0.847842||5.03%||-12.53%||$40 058 264 442|
|9||LUNA||Terra predictions||64%||75||$75.43||12.62%||19.06%||$28 728 578 546|
|10||DOT||Polkadot predictions||68.4%||70||$28.89||0.14%||-17.80%||$28 535 305 964|
|11||DOGE||Dogecoin predictions||66.4%||65||$0.177346||0.37%||-13.13%||$23 487 786 636|
|12||AVAX||Avalanche predictions||63.6%||77||$94.12||7.54%||-19.09%||$22 852 451 871|
|13||SHIB||SHIBA INU predictions||62.4%||79||$0.000036||0.19%||-13.18%||$20 008 775 732|
|14||MATIC||Polygon predictions||63.2%||70||$2.34||4.62%||13.05%||$16 582 834 795|
|15||CRO||Crypto.com Chain predictions||65.2%||78||$0.607936||-0.59%||-14.02%||$15 358 289 057|
Get cryptocurrency price predictions, forecasts with analysis and news right to your inbox.
© 2015-2021 Crypto-Rating.com
The usage of this website constitutes acceptance of the following legal information. Any contracts of financial instruments offered to conclude bear high risks and may result in the full loss of the deposited funds. Prior to making transactions one should get acquainted with the risks to which they relate. All the information featured on the website, including information about the cryptocurrencies and bitcoin is intended solely for informational purposes, is not a means of advertising them, and doesn't imply direct instructions for investing. Crypto Rating shall not be liable for any loss, including unlimited loss of funds, which may arise directly or indirectly from the usage of this information. The editorial staff of the website does not bear any responsibility whatsoever for the content of the comments or reviews made by the site users about cryptocurrencies. The entire responsibility for the contents rests with the authors. Reprint of the materials is available only with the permission of the editorial staff.