Bitcoin has lost 2.1% in the past 24 hours, pulling back to $22.9K. Ethereum has fallen 6.5% over the same period, to $1580. Top altcoins fell from 2.7% (XRP) to 12% (Polkadot). Total cryptocurrency market capitalization, according to CoinMarketCap, fell 3.7% to $1.05 trillion during the day. The cryptocurrency Fear and Greed Index fell further to 31 by Tuesday morning, marking the exhaustion of last week's bullish momentum.
Although BTCUSD formally rewrote local highs at the end of last month, as in two other episodes since early July, price gains are quickly losing momentum, and the surge is followed by selling pressure.
These cryptocurrency market dynamics point to a continued impressive cryptocurrency supply overhang, although Bitcoin confirmed the upward channel in July. The rate is potentially heading towards the channel's lower boundary, which now coincides with the 50-day moving average and passes near $21.7K. A decisive dip below $21.0K would be evidence of a break of this upward consolidation and could trigger a true market capitulation. For now, however, there are more signs that the market is gradually warming to buying.
According to CoinShares, net capital inflows into crypto funds last week amounted to $81 million, of which $85 million came from BTC investments. At the same time, investments in funds, which allow opening shorts on bitcoin, decreased by $2.6 million. The total monthly inflow in crypto funds for July amounted to $474 million and was the highest in the current year.
Capriole Investments noted that the past two months had seen a capitulation in many of the most critical metrics for bitcoin. This is a great time to invest in BTC and digital assets. The crypto fund expects the next 6-12 months to provide the best opportunity to enter this market for years to come.
MineXMR, the largest mining pool in the Monero ecosystem, announced its closure on 12 August. In February, Monero community members were concerned about the concentration of mining capacity in the MineXMR pool, which carried a potential 51% attack risk.
# | Crypto | Prediction | Accuracy | CVIX | Price | 24h | 7d | Market Cap | 7d price change | |
1 | BTC | Bitcoin predictions | 78.8% | 43 | $70 549.88 | 3.00% | 8.27% | $1 387 494 788 714 | ||
---|---|---|---|---|---|---|---|---|---|---|
2 | ETH | Ethereum predictions | 76.8% | 48 | $3 558.87 | 2.67% | 3.84% | $427 320 303 389 | ||
3 | USDT | Tether predictions | 95.2% | 1 | $0.999961 | 0.05% | 0.02% | $104 450 060 275 | ||
4 | BNB | Binance Coin predictions | 60% | 80 | $581.56 | 2.48% | 6.11% | $86 964 779 028 | ||
5 | SOL | Solana predictions | 56.8% | 89 | $185.81 | 2.06% | 3.93% | $82 554 709 619 | ||
6 | XRP | XRP predictions | 79.6% | 30 | $0.629771 | 3.31% | -0.48% | $34 564 529 747 | ||
7 | USDC | USD Coin predictions | 92.4% | 2 | $1.000062 | 0% | 0% | $32 292 135 993 | ||
8 | DOGE | Dogecoin predictions | 64% | 68 | $0.219561 | 20.82% | 46.58% | $31 541 252 554 | ||
9 | ADA | Cardano predictions | 66% | 67 | $0.649764 | 1.83% | 3.99% | $23 119 704 162 | ||
10 | AVAX | Avalanche predictions | 59.6% | 88 | $54.41 | 1.81% | 1.88% | $20 533 847 583 | ||
11 | SHIB | SHIBA INU predictions | 56.8% | 94 | $0.000032 | 5.79% | 17.12% | $18 596 655 821 | ||
12 | TON | Toncoin predictions | 58.8% | 88 | $4.90 | -1.11% | 20.64% | $17 014 430 701 | ||
13 | DOT | Polkadot predictions | 71.6% | 52 | $9.46 | 1.54% | 3.44% | $13 498 790 542 | ||
14 | LINK | Chainlink predictions | 77.2% | 42 | $19.16 | 0.31% | 5.06% | $11 246 466 874 | ||
15 | BCH | Bitcoin Cash predictions | 69.2% | 60 | $569.65 | 6.10% | 38.03% | $11 211 669 006 |
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